Mar 31, 2015
Dear Members,
The Directors of Your Company are pleased to present the 32nd Annual
Report together with the Audited Accounts of the company for the
financial year ended on 31st March 2015.
FINANCIAL RESULTS:
The Financial results of the company are summarized as under:-
(Rs. in Lacs)
PARTICULARS Year Ended Year Ended
March 31, March 31,
2015 2014
INCOME FROM OPERATIONS
Revenue From Operations 151.71 NIL
Other Operating Revenue 0.02 12.37
Total Income From Operations 151.73 12.37
EXPENDITURE
Purchase of Stock-in-Trade 121.71 NIL
Employee Benefit Expenses 4.44 2.20
Depreciation and Amortization Expenses 1.10 1.10
Rent Expenses 1.80 NIL
Other Expenses 18.61 3.26
Total Expenses 147.66 6.56
PROFIT/(LOSS) BEFORE TAX 4.07 5.81
Less:
Provision for Tax 1.23 2.00
PROFIT/(LOSS) AFTER TAX 2.84 3.81
Brought Forward From Previous Years 10.05 21.39
Less: Transfer to Special Reserve 0.57 0.76
Less: Capitalization of Reserve NIL 20.00
BALANCE CARRIED TO BALANCE SHEET 12.88 10.05
RESULT OF OPERATIONS AND STATE OF AFFAIRS
The Year gone by has been a good year with company closing on a
profitable note. The total Income of the company for the year under
review is Rs. 151.73 Lacs. The Profit before Tax stood at Rs. 4.07 Lacs
and Profit After Tax stood at Rs. 2.84 Lacs. Trading in Fabrics and
Interest Income from the financing of Project & Advances has continued
to yield good results. Your Directors are glad to inform you that
financial year 2014-2015 has been a successful year for the company.
DIVIDEND
Your directors regret to inform you that we do not recommend any
dividend for the year to strengthen the position of the company.
DIRECTORS
Mr. Uday Gherwada & Mr. Bhargav Shah has been appointed on the Board on
22nd September, 2014 and Ms. Priya Shetty has been appointed on the
Board on 1st November, 2014 as Additional Director. As per the
provisions of Companies Act, 2013 All the Additional Director are to be
regularized in the forthcoming Annual General Meeting of the Company.
Mr. Uday Gherwada is proposed to be appointed as Independent Director
for the terms of 5 year and Mr. Bhargav Shah is proposed to be
appointed as Executive Director from the Conclusion of 32nd Annual
General Meeting of the Company. Mr. Bhargav Shah Also appointed as CFO
of the Company by the Board on its meeting held on 29th January, 2015.
Your approval is sought for their appointment as detailed in the Notice
convening the Meeting.
Ms. Priya S Shetty, who was appointed as an Additional Director on the
Board is proposed to be resigned from the board in the 32nd Annual
General Meeting due to her pre-occupation. Board appreciate her
contribution during his tenure and association with the Company. Also
the Company doesn't received any notice under section 160(1) proposing
her candidature as Director. Your approval is sought for their
appointment as detailed in the Notice convening the Meeting.
Due to the resignation of Ms. Priya Shetty from the Board, Company has
to appoint one Women Director on the Board as per the provision of
Companies Act, 2013. The Board has decided to appoint Mrs. Rani Ajay
Jha with effect from 32nd Annual General Meeting, as an Independent
Woman Director. Your approval is sought for their appointment as
detailed in the Notice convening the Meeting.
Mr. Kailash jangid was appointed on the Board of the Company as
Managing Director & CEO on its meeting held on 29th January, 2015, with
effect from 1st December, 2014 subject to your approval in 32nd Annual
General Meeting of the Company at the remuneration recommended by the
nomination and remuneration committee and approved by the Board. Your
approval is sought for their appointment as detailed in the Notice
convening the Meeting.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed in Section 149(6) of the Companies Act, 2013
and clause 49 of the Listing Agreement.
As required under Clause 49 of the Listing Agreement with the Stock
Exchange, the information on the particulars of the Directors proposed
for appointment/ re-appointment has been given in the Notice of the
Annual General Meeting.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an evaluation of its
own performance, the directors individually as well as the evaluation
of the working of its Audit Committee, Nomination & Remuneration
Committee and Shareholder Grievance Committee.
DEPOSITS
The Company has not accepted any deposits from public and as such, no
amount on account of principal or interest on deposits from public was
outstanding as on the date of the balance sheet or renewed any fixed
deposits during the year.
LOANS. GUARANTEES AND INVESTMENTS
The details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 (the Act) are
given in the notes to the Financial Statements. (Not applicable being a
Non-Banking Finance Company.
ALTERATION IN PAID-UP SHARE CAPITAL
During the year Company has made a preferential allotment of 22,55,000
Equity shares of Rs. 10/- each on 6th may, 2014 and 7,45,000 Equity
shares of Rs. 10/- each on 18th September, 2014.
The issued, subscribed and paid up share capital of the Company as on
31st March, 2015 stood at Rs. 3,40,00,000/- Comprising of 34,00,000
Equity shares of Rs. 10/- Each.
MEETINGS OF THE BOARD
During the year under review, Nine meetings of the Board of Directors
were held as against the minimum requirement of four meetings. Board
meetings were held on6th May, 2014; 22nd July, 2014; 18th September,
2014; 22nd September, 2014; 29th September, 2014; 16th October, 2014;
29th October, 2014; 01st November, 2014 & 29th January, 2015 . The
Thirty First Annual General Meeting was held on 14th August, 2014. The
maximum time gap between any two consecutive meetings did not exceed
120 days.
PARTICUALRS OF EMPLOYEES:
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Companies Act, 2013, read with Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are provided in the Annual Report.
In terms of the provisions of Section 197(12) of the Companies Act,
2013, read with Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, a statement showing
the names and other particulars of the employees drawing remuneration
in excess of the limits set out in the said rules are provided in the
Annual Report.
Having regard to the provisions of the first proviso to Section 136(1)
of the Companies Act, 2013 and as advised, the Annual Report excluding
the aforesaid information is being sent to the members of the Company.
The said information is available for inspection at the registered
address of the company during working hours and any member interested
in obtaining such information may write to the Company Secretary and
the same will be furnished on request. The full annual report including
the aforesaid information is being sent electronically to all those
members who have registered their email addresses and is available on
the company's website.
DIRECTORS' RESPONSIBILITY STATEMENT:
The Board of Directors acknowledges the responsibility for ensuring
compliance with the provisions of section 134(3)(c) read with section
134(5) of the Companies Act, 2013 and Clause 49(III)(D)(4)(a) of the
listing agreement with Stock Exchanges in the preparation of the annual
accounts for the year ended on March 31,2015 and state that :
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2015, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
if any;
(ii) That the Directors have 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 Profit
of the Company for the year under review;
(iii) 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, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2015 on a Rs. going concern' basis.
(v) The director have laid down internal financial control to be
followed by the company and the such internal controls are adequate and
are operating effectively; and
(vi) There is proper system to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating
effectively.
AUDITORS:
Statutory Auditor
At the Thirty First Annual General Meeting held on 14th August, 2014,
M/s. Motilal & Associates, Chartered Accountants, Mumbai, were
appointed as the Statutory Auditors of the Company to hold office from
the conclusion of that AGM until the conclusion of the 5th Consecutive
Annual General Meeting to be held thereafter (subject to ratification
of the appointment by the Members at every AGM held after that AGM).
In terms of the first proviso to Section 139 of the Act read with the
Rule 3(7) of Companies (Audit and Auditors) Rules, 2014, the
appointment of the auditor shall be subject to ratification by the
Members at every annual general meeting till the expiry of the term of
the Auditor. Accordingly, the appointment of M/s. Motilal & Associates,
Chartered Accountants, Mumbai, as the Statutory Auditors of the
Company, is placed for ratification by the Members.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed VKM and Associates, a
firm of Company Secretaries in Practice to undertake the Secretarial
Audit of the Company. The Secretarial Audit Report is annexed herewith
marked as Annexure II to this Report. The Secretarial Audit Report does
not contain any qualification, reservations or adverse remark.
The notes on financial statement referred to in the Auditor's Report
are self-explanatory and do not call for any further Comments. The
auditor's report does not contain any qualification, reservation and
adverse remark.
DISCLOSURES
Audit Committee
The Board of Director of the Company at its meeting held on 29th
January, 2015 reconstitute the Audit Committee of the Company. The
Audit Committee comprises of Mr. Rajesh Agarwal(Chairman), Mr. Kailash
Jangid and Mr. Uday Gherwada as other members. The Audit Committee
played an important role during the year. It coordinated with the
Statutory Auditors, Internal Auditors and other key personnel of the
Company and has rendered guidance in the areas of internal audit and
control, finance and accounts. All the recommendations made by the
Audit Committee were accepted by the Board. Four meetings of the Audit
Committee were held during the year.
Nomination & Remuneration Committee
The Nomination and Remuneration Committee recommends to the Board the
suitability of candidates for appointment as Key Managerial Personnel,
Directors and the remuneration packages payable to them and other
employees. The Nomination and Remuneration Committee met Three times
during the year.
Shareholders/Investor Grievance Committee
During the year Board of Director of the Company at its meeting held on
29th January, 2015 constitute the Shareholders/ Investor Grievance
Committee comprise of Mr Rajesh Agarwal as a chairman, Mr. Kailash
jangid & Ms. Priya shetty as other member of the Committee. There is no
complaints notice during the year.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on an arm's length basis and that the provisions of
Section 188 of the Companies Act 2013 are not attracted. Thus,
disclosure in form AOC-2 is not required. Further, there are no
materially significant related party transactions made by the Company
with Promoters and Directors or other designated persons which may have
a potential conflict with the interest of the Company at large.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith as Annexure I.
RISK MANAGEMENT POLICY
The Company follows a proactive risk management policy, aimed at
protecting its assets and employees while at the same time ensuring
growth and continuity of its business. The Company has put in place
adequate risk identification, risk management and mitigation processes
to keep any such trade-off at bay. Regular updates are made available
to Board at the Board Meetings and in special cases on ad-hoc basis.
Nevertheless, there are certain fundamental risks glued to lending
business such as Credit Risk, Business/Market Risk and Operational
Risks. The Company has instituted clear strategies to mitigate these:
Credit Risk
The Company maintains a well-diversified and balanced credit portfolio
with a low risk profile, wherein the entire loan book is fully
collateralized and spread across sectors and lending segments.
Selection of borrowers after thorough screening of creditworthiness and
then exhaustive credit appraisal mitigates the credit risk to the bare
minimum. Credit risk does not end at good pre-sanction appraisal. To
maintain the asset quality throughout the tenor of the loan, and to
avoid delinquencies, the post disbursement monitoring of the loan
account is equally important. The Company continues to monitor credit
exposure post disbursement through a very active monitoring mechanism
via dedicated teams, in both the business verticals, to ensure end use
of funds lent, maintenance of asset financed, monitoring continuity/
progress of project/business underwritten and timely recovery of
principal and interest.
Business Risk
Business risk pertains to bearing of peripheral factors on business
profitability and continuity. These risks are basically Interest Rate
Risk, Eco-political Risk and Competition Risk. Our Management Committee
meets time to time to take stock of the developments in economy,
financial markets, including trends in interest rates and its impact on
the portfolio. The Company has a dedicated research team, which keeps
a constant vigil on the developments in the market and the economy.
Operational Risk
The business model in the Company is such that there are enough checks
and balances to ward off any operational risks. The Company has in
place systems and procedures that enable monitoring of all activities
on a real time basis. All operations are fully computerized, leaving
very little scope for human error or intervention. IT architecture /
infrastructure put in place ensure seamless operations on a continuing
basis. Attrition at the Company is much below the industry average. The
Company stringently adheres to regulatory guidelines and proactively
prepares for any impending changes
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has in place adequate internal controls commensurate with
the size, scale and complexity of its operations. To maintain its
objectivity and independence, the Internal Auditor report to the
Chairman of the Audit Committee of the Board. Internal Auditor monitor
and evaluate the efficacy and adequacy of internal control system in
the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company and its
subsidiaries.
Based on the report of Internal Auditor, process owners undertake
corrective action in their respective areas and thereby strengthen the
controls. Significant audit observations and corrective actions thereon
are presented to the Audit Committee of the Board.
DISCLOSURE UNDER THE PREVENTION OF SEXUAL HARASSMENT ACT
There were no complaints reported under the Prevention of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
LISTING WITH STOCK EXCHANGES:
The Company confirms that it has paid the Annual Listing Fees for the
year 2015-2016 to Ahmedhdabad Stock Exchange where the Company's Shares
are listed.
Your company has received Listing and trading approval from BSE Limited
on 14th July, 2015 (Notice no. 20150714-24 dated July 14, 2015) The
Equity Shares of the Company is Listed on BSE Limited w.e.f. 16th July,
2015
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING AND OUTGO:
During the year under review, the Company has not carried out any
manufacturing activity and hence the Directors have nothing to report
under Section 134 (3) (m) of the Companies Act 2013 read with Rule 8(3)
of the Companies (Accounts) Rules, 2014 with reference to Conservation
of Energy and Technology Absorption. There was no foreign exchange
earnings and outgo during the year under review.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
assistance and cooperation received from the financial institutions,
Banks, Government authorities, customers vendors and members during the
year under review. Your Directors also wish to place on record their
deep sense of appreciation for the committed services by the company's
executives, staff and workers.
For and on behalf of the Board of Directors
Kailash Jangid Uday Gherwada
Managing Director Director
DIN:03377929 DIN:06741691
Mar 31, 2014
The Shareholders of
SHREENATH INDUSTRIAL INVESTMENT CO. LTD.
The Directors of Your Company are pleased to present the 31st Annual
Report together with the Audited Accounts of the company for the
financial year ended on 31st March 2014.
FINANCIAL RESULTS:
The Financial results of the company are summarized as under:-
PARTICULARS Year Ended Year Ended
March 31,2014 March 31,2013
INCOME
Sales and Other Income Received 12,36,666.66 5,06,027.00
EXPENDITURE
Operating Expenses 5,46,276.00 1,95,884.00
Finance Cost NIL 797.00
Depreciation and Amortization
Expenses 1,10,000.00 NIL
Exceptional Items NIL 20215
PROFIT/(LOSS) BEFORE TAX 5,80,390.66 2,89,131.00
Less:
Provision for Tax 2,00,000.00 95,588.00
Provision for Tax for earlier Year NIL NIL
Excess provision for Tax written Back NIL NIL
PROFIT/(LOSS) AFTER TAX 3,80,390.66 1,93,543.00
Brought Forward From Previous
Years 21,39,122.84 19,84,289.00
Less: Transfer to Special Reserve 76,078.13 33,709.27
Less: Capitalization of Reserve 20,00,000.00 NIL
BALANCE CARRIED TO BALANCE SHEET 10,04,650.77 21,39,122.00
BUSINESS REVIEW
The Year gone by has been a good year with company closing on a
profitable note. The company''s revenue grows to Rs. 1236.66 Million
registering a growth in compare to previous year. Your Directors are
glad to inform you that financial year 2013-2014 has been a successful
year for the company.
DIVIDEND:
Your directors regret to inform you that we do not recommend any
dividend for the year due to non availability sufficient Profit.
DIRECTORS
During the year under review there were appointment of one Independent
Director in the Company i.e. Mr. Rajesh Agarwal with effect from 10th
December, 2013
DEPOSITS:
Your directors report that the Company has not accepted any deposits
from the Public, which are covered U/s 58 A of the Companies Act, 1956.
PARTICUALRS OF EMPLOYEES:
No information as per Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975 is required
to be given as none of the employees were in receipt of remuneration in
excess of limits specified therein.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed;
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014, 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 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 Profit
of the Company for the year under review;
(iii) 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;
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a ''going concern'' basis.
AUDITORS:
M/s L K M & Co (Chartered Accountants), Statutory Auditors, will retire
at the ensuing annual general meeting and M/ s. Motilal & Associates
(Chartered Accountants) are being appointment from the conclusion from
this Annual General Meeting to the conclusion of next Annual General
Meeting. Certificate from the Auditors has been received to the effect
that re-appointment, if made, would be within the prescribed limits
under section 224 (1B) of the Companies Act, 1956.
Comments of the Auditors in their report and notes forming parts of the
Accounts are self explanatory and need no comments.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING AND OUTGO:
Since your company does not own any manufacturing facility, the
requirements pertaining to disclosure of particulars relating to
conservation of energy, Research and Development and Technology
Absorption as prescribed Under the Companies (Disclosure of Particulars
under the Board of Directors) Rules, 1988, are not applicable. Also
there are no particulars regarding Foreign Exchange earnings and outgo.
Your Director wish to place on record their appreciation and gratitude
for the overwhelming co-operation and assistance received from the
clients, vendors, investor''s, banks and the Company personnel during
the period under review.
Your Director also wish to place on record their appreciation of your
whole hearted and continued support, which had always been a source of
strength for the company.
For and on behalf of the Board
For SHREENATH INDUSTRIAL INVESTMENT CO. LTD.
DATE: - 22nd July, 2014 Rajesh N. Agarwal Deepak mandowara
PLACE: - Mumbai Chairman cum Director Director
DIN No. 02407050 DIN No: 06406616
Mar 31, 2013
The Members,
The Director have pleasure in presenting their 30th Annual Report
together with the audited Statement of Accounts of the company for the
year ended 31st March, 2013.
FINANCIAL RESULTS:
Sailent financial parameters during the year under review as compared
to the previous year are mentioned below:
(Amounts in Rs)
Particulars 2012-13 2011-12
Total Income 506027 721175
Profit Before Tax 309346 683969
Less: Tax Expenses 95588 215000
Profit after tax, deferred
Tax Liablity/FBT 193543 557000
DIVIDEND:
The Directors in their prudence have not recommended payment of any
dividend for the year 2012-2013. OPERATIONS:
In view of uncertainties in the financial market, the working of the
Company was subdued during the year under review. Your directors are
making all efforts for development of new areas of business.
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required by Section 217(2AA) of the Companies Act, 1956 the
Directors hereby confirm:
1. That in the preparation of the annual accounts, the applicable
Accounting Standards have been followed;
2. That the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable so as to
give a true and fair view of the state of affairs of the Company and of
the Profit of the Company for the financial year ended 31st March,
2012;
3. That proper and sufficient care has been taken 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.
4. The annual accounts have been prepared on a going concern basis.
FIXED DEPOSITS:
During the year under review, the Company has neither invited nor
accepted any fixed deposits from the public within the meaning of
Section 58A of the Companies Act,
AUDITORS
Ms. Pawan Mandowara & Co., Chartered Accountants, Indore, Auditor of
the Company retire at the Conclusion of the ensuing Annual General
Meeting, and eligible for re-appointment.
AUDITORS REPORT
The Notes on accounts, referred to in the Auditors'' Report, are
self-explanatory and therefore do not call for any further comments
under Section 217 (3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES:
Human Resource Development was given thrust by giving emphasis to
prepare employees for multi skilling. The Management firmly believes in
the concept of Total Quality Management initiatives and the
implementation of which would bring about employees cheer both at work
place and beyond. The industrial relation seen during the period was
harmonious resulting in high level of performance.
There were no employees in the Company who, if employed throughout the
financial year or for a part of financial year were in receipt of
remuneration, whose particulars are required to be included in the
report of Directors in accordance with the provision of section 217(2A)
of the Companies Act, 1956.
DISCLOSURE OF PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES
ACTS, 1956
The particulars required to be given as per the Companies (Disclosure
of particulars in the Report of the Board of Director''s) Rules 1988
are as under:
A. CONSERVATION OF ENERGY:
Energy Conservation measures adopted:
(i) There is no manufacturing activity in the company.
(ii) All the staff and officers have been advised to save energy.
B. TECHNOLOGY ABSORPTION:
Efforts, in brief, have been made towards Technology absorption,
adaptations and innovation and benefit have been derived from this
Technology upgradation.
c. FOREIGN EXCHANGE EARNINGS:
CIF Value of Export NIL
D. EXPENDITURE IN FOREIGN CURRENCY:
Value of imports on CIF basis for Goods NIL For other matter NIL
Foreign Travel & Advertisement NIL
SECRETARIAL COMPLIANCE CERTIFICATE:
A copy of Secretarial Compliance Certificate from a practicing Company
Secretary as required under Section 383A (1) of the Companies Act, 1956
is attached herewith.
ACKNOWLEDGMENTS
Your Directors acknowledge with gratitude the Co-operation and
assistance received from District Trade and Industry Centre and other
Govt. Deptt. and employees of the Company. The Management seeks their
continued support in future as well to continue on the growth path.
The Directors also wish to place on record their appreciation of the
concerted efforts by all employees in extending full support to the
Management in implementing various plans for the growth and
successfully running the plant of your Company.
Place: Indore For and on behalf of the Board
Date : 21.06.2013 Director
Mar 31, 2012
The Members,
We have pleasure in presenting the 29th Annual Report together with the
audited Statement of Accounts of the company for the year ended 31st
March, 2012.
FINANCIAL RESULTS:
The Financial results of the Company are summarised below:
(Amounts in Rs.)
Particulars For the For the
year ended year ended
31-03-2012 31-03-2011
Total Income 7,21,175 9,67,938
Profit Before Tax 6,83,969 9,44,951
Less: Tax Expenses
Current Tax 2,15,000 3,00,000
Short Provision of Tax for
earlier years - 87,951
Profit for the year 4,68,969 5,57,000
DIVIDEND:
The Directors in their prudence have not recommended payment of any
dividend for the year ended 31st March, 2012. OPERATIONS:
In view of uncertainties in the financial market, the working of the
Company was subdued during the year under review. Your directors are
making all efforts for development of new areas of business.
FIXED DEPOSITS:
During the year under review, the Company has neither invited nor
accepted any fixed deposits from the public within the meaning of
Section 58A of the Companies Act, 1956 or Rules made there under or
under Non Banking Financial Companies acceptance of Public Deposits
(Reserve Bank) Directions.
The Auditors have issued additional report to the Board of Directors of
the Company as required by the Non - Banking Financial Companies
Auditor''s Report (Reserve Bank) Directions 2008, which is enclosed
herewith.
DIRECTORS:
During the year under review, Mr. Amit S. Mehta was appointed as an
Additional Director of the Company with effect from 22nd February, 2012
pursuant to Section 260 of the Companies Act, 1956. He holds the office
of Director upto the conclusion of the ensuing Annual General Meeting
of the Company. The Company has received notice in writing alongwith
the requisite Security Deposit under the provisions of Section 257 of
the Companies Act, 1956, from a member proposing his candidature for
the office of Director of the Company.
Mr. B. C. Kamdar resigned from the office of Director of the Company
with effect from 22nd February, 2012 due to his pre- occupation. The
Board of Directors place on record its appreciation for the valuable
guidance and co-operation extended to the Company by the outgoing
Director.
During the year, Mr. G. N. Shenoy retires by rotation and being
eligible, offers himself for re-appointment. The Board of Directors
recommends his re-appointment.
PARTICULARS OF EMPLOYEES:
There was no employee employed throughout the financial year or part
thereof, whose details are required to be mentioned as per sub-section
(2A) of Section 217 of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules 1975 as amended.
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required by Section 217(2AA) of the Companies Act, 1956 the
Directors hereby confirm:
1. That in the preparation of the annual accounts, the applicable
Accounting Standards have been followed;
2. That the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable so as to
give a true and fair view of the state of affairs of the Company and of
the Profit of the Company for the financial year ended 31st March,
2012;
3. That proper and sufficient care has been taken 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.
4. The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO [Section 217 (1)(e)]:
a. Conservation of Energy: The Company will take all reasonable
measures to save the electricity.
b. Technology Absorption: The activities of the Company do not involve
technology absorption and research and development.
c. Foreign Exchange Earnings: NIL
d. Foreign Exchange Outgoing: NIL SECRETARIAL COMPLIANCE CERTIFICATE:
A copy of Secretarial Compliance Certificate from a practicing Company
Secretary as required under Section 383A (1) of the Companies Act, 1956
is attached herewith.
AUDITORS:
M/s. J. G. Verma & Co., Chartered Accountants, Mumbai retire as
Statutory Auditors of the Company at the conclusion of the ensuing
Annual General Meeting, and being eligible offer themselves for
re-appointment. You are requested to consider their re-appointment.
For and on behalf of the Board
For SHREENATH INDUSTRIAL INVESTMENTS COMPANY LTD.
Sd/- Sd/-
G. N. SHENOY BABU A. DEVADIGA
DIRECTOR DIRECTOR
Place: Mumbai
Date : 18th May, 2012
Mar 31, 2011
The Members,
We have pleasure in presenting the 28th Annual Report together with the
audited Statement of Accounts of the company for the year ended 31
March, 2011.
FINANCIAL RESULTS:
The Financial results of the Company are summarised below:
(Amounts in Rs.)
Particulars For the year ended For the year ended
31-03-2011 31-03-2010
Total Income 9,67,938 1,68,830
Profit Before Tax 9,44,951 1,52,646
Less: Provision for Taxation 3,00,000 30,000
Profit after Tax 6,44,951 1,22,646
Less: Prior Period Adjustments 87,951 -
Profit after Tax and
Adjustments 5,57,000 1,22,646
Add: Profit brought forward
from last year 11,63,514 10,65,397
17,20,514 11,88,043
Less: Transfer to Special
Reserve Fund 1,11,400 24,529
Balance Profit carried to
Balance Sheet 16,09,114 11,63,514
DIVIDEND:
The Directors in their prudence have not recommended payment of any
dividend for the year ended 31 March, 2011.
FIXED DEPOSITS:
The Company has neither invited nor accepted any fixed deposits from
the public during the year within the meaning of Section 58A of the
Companies Act, 1956 or Rules made there under or Non Banking Financial
Companies acceptance of Public Deposits (Reserve Bank) Directions.
The Auditors have issued additional report to the Board of Directors of
the Company as required by the Non - Banking Financial Companies
Auditor''s Report (Reserve Bank) Directions 2008, which is enclosed
herewith.
DIRECTORS:
During the year, Mr. Babu A. Devadiga retires by rotation and being
eligible, offers himself for re-appointment. The Board of Directors
recommend his re-appointment.
PARTICULARS OF EMPLOYEES:
There were no employees employed throughout the financial year or part
thereof, whose details are required to be mentioned as per sub-section
(2A) of Section 217 of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules 1975 as amended.
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required by Section 217(2AA) of the Companies Act, 1956 the
Directors hereby confirm:
1. That in the preparation of the annual accounts, the applicable
Accounting Standards have been followed;
2. That the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable so as to
give a true and fair view of the state of affairs of the Company and of
the Profit of the Company for the financial year ended 31 March, 2011;
3. That proper and sufficient care has been taken 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.
4. The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO [Section 217 (1)(e)]:
a. Conservation of Energy: The Company will take all reasonable
measures to save the electricity.
b. Technology Absorption: The activities of the Company do not involve
technology absorption and research and development.
c. Foreign Exchange Earnings: NIL
d. Foreign Exchange Outgoing: NIL SECRETARIAL COMPLIANCE CERTIFICATE:
A copy of Secretarial Compliance Certificate from a practicing Company
Secretary as required under Section 383A (1) of the Companies Act, 1956
is attached herewith.
AUDITORS:
M/s. J. G. Verma & Co., Chartered Accountants, Mumbai retire at the
conclusion of the ensuing Annual General Meeting, and being eligible
offer themselves for re-appointment. You are requested to consider
their re-appointment.
For and on behalf of the Board of Directors
For SHREENATH INDUSTRIAL INVESTMENTS COMPANY LTD.
Sd/- Sd/-
G N. SHENOY BABU A. DEVADIGA
Place: Mumbai DIRECTOR DIRECTOR
Date : 19th May, 2011
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