Mar 31, 2016
Dear Members,
The Directors have pleasure in presenting the 32nd Annual Report of your Company for the financial year ended 31st March, 2016.
FINANCIAL RESULTS
The financial performance of your Company for the year ended 31st March, 2016 is summarized below:
Current year |
Previous year |
|
2015-16 |
2014-15 |
|
Sales |
6,97,167 |
56,49,854 |
Other Income |
1,12,66,929 |
1,25,36,969 |
Cost of Material Sold |
11,93,960 |
50,99,556 |
Stock in Trade |
- |
- |
Administrative & Other Expenses |
61,82,381 |
50,33,439 |
Depreciation & Amortization Exp. |
40,38,604 |
76,35,811 |
Profit before TaX |
5,49,150 |
4,18,016 |
Provision for Tax |
4,75,000 |
6,74,572 |
Profit after Tax |
74,150 |
-2,56,556 |
DIVIDEND
In the current year your director don''t recommend dividend this year in the interest of the company.
FUTURE OUTLOOK
Your Board had informed in the previous Board Report that the Company is in process of starting a venture in Food Industries. Your directors are pleased to inform you that, Company has decided to venture into Bakery products and have identified the products and brand name.
Currently the pilot production is going on to test the market. Very soon the formalities regarding starting a commercial production will be completed and the production will start. Your directors are very optimist about this new venture. It will be informed as and when the production will start on the BSE portal where the Stocks of the Company are listed.
DISCLOSURE RELATING TO COMPANIES PLOICY OF APPOINTEMENT AND REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
In accordance with Section 178 and other applicable provisions if any, of the Companies Act, 2013 read with the Rules issued there under and Clause 49 of the Listing Agreement, the Board of Directors at their meeting held on 30th July, 2015 formulated the Nomination and Remuneration Policy of your Company on the recommendations of the Nomination and Remuneration Committee. The salient aspects covered in the Nomination and Remuneration Policy, covering the policy on appointment and remuneration of Directors and other matters have been outlined in the Corporate Governance Report which forms part of this Report.
The information required under Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors/employees of your Company is set out in "Annexure [f]" to this Report.
DECLARATION OF INDEPENDENCE:
Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act, 2013 read with the Schedules and Rules issued there under as well as Clause 49 of the Listing Agreement.
Directors:
Mr. Narayan. K. Bhatt , & Mr. Sharad. K. Sheth , directors of the Company retire at the ensuing Annual General Meeting & being eligible, offer themselves for reappointment.
PUBLIC DEPOSITS:
During the financial year 2015-16, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposits) Rules, 2014.
CORPORATE GOVERNANCE REPORT
In compliance with the provisions of Clause 49 of the Listing Agreement, a separate report on Corporate Governance along with a certificate from the Auditors on its compliance forms an integral part of this Report (Annexure A).
Independent Directors Declaration
The Company has received the necessary declaration from each ID in accordance with Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence as laid out in sub-section (6) of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointments & Resignations
During the year 2015-16, there were no changes in Board of Directors.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors confirm that:
(a) in the preparation of the annual accounts for the financial year ended 31st March, 2016, the applicable accounting standards and Schedule III of the Companies Act, 2013, have been followed and there are no material departures from the same;
(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at 31st March, 2016 and of the profit and loss of the Company for the financial year ended 31st March, 2016;
(c) proper and sufficient care has been taken 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;
(d) the annual accounts have been prepared on a ''going concern'' basis;
(e) proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and were operating effectively; and
(f) proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.
AUDITORS AND AUDITORS'' REPORT:
At the 31st AGM of your Company, M/s. Pankaj Dalal & Associates, Chartered Accountants (Firm Registration No. 107347W) was appointed as the Auditor to hold office till the conclusion of the 32nd AGM of your Company.
The Board of Directors at its meeting held on 16th August 2016, on the recommendations of the Audit Committee, in accordance with the provisions of Section 139 (8) of the Companies Act, 2013 appointed M/s. Pankaj Dalal & Associates, Chartered Accountants (Firm Registration No. 107347W) to act as the Auditor of your Company till the conclusion of Next AGM.
M/s. Pankaj Dalal & Associates, Chartered Accountants, who retire at the ensuing AGM of your Company, are eligible for re-appointment. Your Company has received written consent and a certificate stating that they satisfy the criteria provided under Section 141 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 and that the appointment, if made, shall be in accordance with the applicable provisions of the Companies Act, 2013 and rules issued there under. As required under Clause 49 of the Listing Agreement, M/s. Pankaj Dalal & Associates, Chartered Accountants, have also confirmed that they were granted peer review certificate by the Peer Review Board of ICAI in February 2010 & subsequently also peer review of the firm was carried in April 2013 & follow up review is pending, fresh certificate is not been received by the firm.
The Audit Committee and the Board of Directors recommend the appointment of M/s. Pankaj Dalal & Associates, Chartered Accountants, as the Auditors of your Company for the financial year 2015- 16 till the conclusion of the Next AGM.
The Auditors'' Report for the financial year 2015-16, does not contain any qualification, reservation or adverse remark.
Secretarial Audit:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company has appointed Mr. Harshad Dilip Mane, Practicing Company Secretary to conduct the Secretarial Audit of your Company. The Secretarial Audit Report is annexed herewith as "Annexure -
[C]" to this Report.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form MGT- 9 in accordance with Section 92(3) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, are set out herewith as "Annexure
[D]" to this Report.
RELATED PARTY TRANSACTIONS
During the financial year 2015-16, your Company has entered into transactions with related parties as defined under Section 2(76) of the Companies Act, 2013 read with Companies (Specification of Definitions Details) Rules, 2014, which were in the ordinary course of business and on arms'' length basis and in accordance with the provisions of the Companies Act, 2013, Rules issued there under and Clause 49 of the Listing Agreement. During the financial year 2015-16, there were no transactions with related parties which qualify as material transactions under the Listing Agreement.
The details of the related party transactions as required under Accounting Standard - 18 are set out in Notes to accounts to the standalone financial statements forming part of this Annual Report.
The Form AOC- 2 pursuant to Section 134 (3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set out as "Annexure [E]" to this report.
LOANS AND INVESTMENTS
The details of loans, guarantees and investments under Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 are as follows:
A. Details of investments made by the Company as on 31st March, 2016
Investment in Partnership Firm (details are as below mentioned)
Name of the company |
Amount as at 31st March, 2016 |
Rajyog Enterprise |
2,96,57,069/- |
Rajyog Construction |
8,28,592/- |
Rajyog Realtors |
5,53,32,500/- |
There are no loans and guarantees issued by your Company in accordance with Section 186 of the Companies Act, 2013 read with the Rules issued there under.
VIGIL MECHANISM
Your Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177 (10) of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The policy provides for a framework and process whereby concerns can be raised by its employees against any kind of discrimination, harassment, victimization or any other unfair practice being adopted against them. More details on the vigil mechanism and the Whistle Blower Policy of your Company have been outlined in the Corporate Governance Report which forms part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
(Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014)
As the company engaged itself in manufacturing activities as trial production during the year under report, provisions relating to technology absorption & conversion of energy are not applicable, during the year under report, there were neither earnings nor out goes in foreign exchange.
Details on internal financial controls related to financial statements
Your Company has put in place adequate internal financial controls with reference to the financial statements, some of which are outlined below:
Your Company has adopted accounting policies which are in line with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 that continue to apply under Section 133 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and relevant provisions of the Companies Act, 1956, to the extent applicable. These are in accordance with generally accepted accounting principles in India. Changes in policies, if any, are approved by the Audit Committee in consultation with the Auditors.
Your Company, in preparing its financial statements makes judgments and estimates based on sound policies and uses external agencies to verify/validate them as and when appropriate. The basis of such judgments and estimates are also approved by the Auditors and Audit Committee.
The Management periodically reviews the financial performance of your Company against the approved plans across various parameters and takes necessary action, wherever necessary.
Your Company has a code of conduct applicable to all its employees along with a Whistle Blower Policy which requires employees to update accounting information accurately and in a timely manner. Any non-compliance noticed is to be reported and auctioned upon in line with the Whistle Blower Policy.
Your Company gets its standalone accounts reviewed every quarter by its Auditors.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
General
a) Your Company has not issued equity shares with differential rights as to dividend, voting or otherwise; and
b) Your Company does not have any ESOP scheme for its employees/Directors.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013.
The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under.
During the Financial Year 2015-16 company has not received any complaints regarding sexual harassment at work place.
Risk Management.
The Company is exposed to inherent uncertainties owing to the sectors in which it operates. A key factor in determining a company''s capacity to create sustainable value is the risks that the company is willing to take (at strategic and operational levels) and its ability to manage them effectively. Many risks exist in a company''s operating environment and they emerge on a regular basis. The Company''s Risk Management processes focuses on ensuring that these risks are identified on a timely basis and addressed
APPRECIATION
Your Directors wish to convey their gratitude and place on record their appreciation for all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year.
By Order of the Board
Mumbai, Surendra T. Savai
Date : 16th August, 2016 Managing Director
Mar 31, 2015
The Directors have pleasure in presenting the 31st Annual Report of
your Company for the financial year ended 31st March, 2015.
FINANCIAL RESULTS
The financial performance of your Company for the year ended 31st
March, 2015 is summarized below:
Current year Previous year
2014-15 2013-14
Sales 56,49,854 167,61,840
Other Income 1,25,36,969 126,44,224
Cost of Material Sold 50,99,556 146,06,551
Stock in Trade - -
Administrative & Other Expenses 50,33,439 58,98,176
Depreciation & Amortization Exp. 76,35,811 77,12,207
Profit before Tax 4,18,016 11,89,130
Provision for Tax 6,74,572 2,50,000
Profit after Tax -2,56,556 9,39,130
DIVIDEND.
Due to loss in the current year your director don't recommend dividend
this year in the interest of the company.
FUTURE OUTLOOK
Your Board had informed in the previous Board Report that the Company
is in process of starting a venture in Food Industries. Your directors
are pleased to inform you that, Company has decided to venture into
Bakery products and have identified the products and brand name.
Currently the pilot production is going on to test the market. Very
soon the formalities regarding starting a commercial production will be
completed and the production will start. Your directors are very
optimist about this new venture. It will be informed as and when the
production will start on the BSE portal where the Stocks of the Company
are listed.
DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL
PERSONNEL AND PARTICULARS OF EMPLOYEES
In accordance with Section 178 and other applicable provisions if any,
of the Companies Act, 2013 read with the Rules issued there under and
Clause 49 of the Listing Agreement, the Board of Directors at their
meeting held on 5th May, 2014 formulated the Nomination and
Remuneration Policy of your Company on the recommendations of the
Nomination and Remuneration Committee. The salient aspects covered in
the Nomination and Remuneration Policy, covering the policy on
appointment and remuneration of Directors and other matters have been
outlined in the Corporate Governance Report which forms part of this
Report.
The information required under Section 197 of the Companies Act, 2013
read with Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of Directors/employees of your
Company is set out in "Annexure [f]" to this Report.
DECLARATION OF INDEPENDENCE:
Your Company has received declarations from all the Independent
Directors confirming that they meet the criteria of independence as
prescribed under the provisions of Companies Act, 2013 read with the
Schedules and Rules issued there under as well as Clause 49 of the
Listing Agreement.
Directors :
Mr. Narayan. K. Bhatt , & Mr. Sharad. K. Sheth , directors of the
Company retire at the ensuing Annual General Meeting & being eligible,
offer themselves for reappointment.
PUBLIC DEPOSITS:
During the financial year 2014-15, your Company has not accepted any
deposit within the meaning of Sections 73 and 74 of the Companies Act,
2013 read together with the Companies (Acceptance of Deposits) Rules,
2014.
CORPORATE GOVERNANCE REPORT
In compliance with the provisions of Clause 49 of the Listing
Agreement, a separate report on Corporate Governance along with a
certificate from the Auditors on its compliance forms an integral part
of this Report (Annexure A).
MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis forms an integral part of this
Report (Annexure B) and gives detail of the overall industry structure,
developments, performance and state of affairs of the Company's various
businesses viz., the decorative business, international operations,
industrial and home improvement business, internal controls and their
adequacy, risk management systems and other material developments
during the financial year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointments:
Company has appointed Mr. Dhaval Ajay Savai and Ms. Trishana Ajay
Savai, as an Additional Director with effect from April 25, 2015
Resignations/Retirements:
During the year Mr. Tejas J Bakhai and Mr. Rajesh B Patel directors of
the company were given their resignation due to health not keeping
well.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors
confirm that:
(a) in the preparation of the annual accounts for the financial year
ended 31st March, 2015, the applicable accounting standards and
Schedule III of the Companies Act, 2013, have been followed and there
are no material departures from the same;
(b) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of your Company as at 31st March, 2015 and of the profit and loss of
the Company for the financial year ended 31st March, 2015;
(c) proper and sufficient care has been taken 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;
(d) the annual accounts have been prepared on a 'going concern' basis;
(e) proper internal financial controls laid down by the Directors were
followed by the Company and that such internal financial controls are
adequate and were operating effectively; and
(f) proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and
operating effectively.
AUDITORS AND AUDITORS' REPORT :
At the 30th AGM of your Company, M/s. Pankaj Dalal & Associates,
Chartered Accountants (Firm Registration No. 107347W) was appointed as
the Auditor to hold office till the conclusion of the 31st AGM of your
Company.
The Board of Directors at its meeting held on 28th May, 2015, on the
recommendations of the Audit Committee, in accordance with the
provisions of Section 139 (8) of the Companies Act, 2013 appointed M/s.
Pankaj Dalal & Associates, Chartered Accountants (Firm Registration No.
107347W) to act as the Auditor of your Company till the conclusion of
Next AGM.
M/s. Pankaj Dalal & Associates, Chartered Accountants, who retire at
the ensuing AGM of your Company are eligible for re-appointment. Your
Company has received written consent and a certificate stating that
they satisfy the criteria provided under Section 141 of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 and
that the appointment, if made, shall be in accordance with the
applicable provisions of the Companies Act, 2013 and rules issued there
under. As required under Clause 49 of the Listing Agreement, M/s.
Pankaj Dalal & Associates, Chartered Accountants, have also confirmed
that they were granted peer review certificate by the Peer Review Board
of ICAI in February 2010 & subsequently also peer review of the firm
was carried in April 2013 & follow up review is pending, fresh
certificate is not been received by the firm.
The Audit Committee and the Board of Directors recommend the
appointment of M/s. Pankaj Dalal & Associates, Chartered Accountants,
as the Auditors of your Company for the financial year 2015- 16 till
the conclusion of the Next AGM.
The Auditors' Report for the financial year 2014-15, does not contain
any qualification, reservation or adverse remark.
Secretarial Audit:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, your Company has appointed Mr. Harshad Dilip
Mane, Practicing Company Secretary to conduct the Secretarial Audit of
your Company. The Secretarial Audit
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
MGT- 9 in accordance with Section 92(3) of the Companies Act, 2013 read
with the Companies (Management and Administration) Rules, 2014, are set
out herewith as "Annexure [D]" to this Report.
RELATED PARTY TRANSACTIONS
During the financial year 2014-15, your Company has entered into
transactions with related parties as defined under Section 2(76) of the
Companies Act, 2013 read with Companies (Specification of Definitions
Details) Rules, 2014, which were in the ordinary course of business and
on arms' length basis and in accordance with the provisions of the
Companies Act, 2013, Rules issued there under and Clause 49 of the
Listing Agreement. During the financial year 2014-15, there were no
transactions with related parties which qualify as material
transactions under the Listing Agreement.
The details of the related party transactions as required under
Accounting Standard - 18 are set out in Notes to accounts to the
standalone financial statements forming part of this Annual Report.
The Form AOC- 2 pursuant to Section 134 (3)(h) of the Companies Act,
2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set
out as "Annexure [E]" to this Report.
LOANS AND INVESTMENTS
The details of loans, guarantees and investments under Section 186 of
the Companies Act, 2013 read with the Companies (Meetings of Board and
its Powers) Rules, 2014 are as follows:
A. Details of investments made by the Company as on 31st March, 2015
VIGIL MECHANISM
Your Company is committed to highest standards of ethical, moral and
legal business conduct. Accordingly, the Board of Directors have
formulated a Whistle Blower Policy which is in compliance with the
provisions of Section 177 (10) of the Companies Act, 2013 and Clause 49
of the Listing Agreement. The policy provides for a framework and
process whereby concerns can be raised by its employees against any
kind of discrimination, harassment, victimization or any other unfair
practice being adopted against them. More details on the vigil
mechanism and the Whistle Blower Policy of your Company have been
outlined in the Corporate Governance Report which forms part of this
report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
(Section 134 of the Companies Act, 2013 read with Companies (Accounts)
Rules, 2014)
As the company did not engage itself in manufacturing activities during
the year under report, provisions relating to technology absorption &
conversion of energy are not applicable, during the year under report,
there were neither earnings nor out goes in foreign exchange.
Details on internal financial controls related to financial statements
Your Company has put in place adequate internal financial controls with
reference to the financial statements, some of which are outlined
below:
Your Company has adopted accounting policies which are in line with the
Accounting Standards prescribed in the Companies (Accounting Standards)
Rules, 2006 that continue to apply under Section 133 and other
applicable provisions, if any, of the Companies Act, 2013 read with
Rule 7 of the Companies (Accounts) Rules, 2014 and relevant provisions
of the Companies Act, 1956, to the extent applicable. These are in
accordance with generally accepted accounting principles in India.
Changes in policies, if any, are approved by the Audit Committee in
consultation with the Auditors.
Your Company, in preparing its financial statements makes judgments and
estimates based on sound policies and uses external agencies to
verify/validate them as and when appropriate. The basis of such
judgments and estimates are also approved by the Auditors and Audit
Committee.
The Management periodically reviews the financial performance of your
Company against the approved plans across various parameters and takes
necessary action, wherever necessary.
Your Company has a code of conduct applicable to all its employees
along with a Whistle Blower Policy which requires employees to update
accounting information accurately and in a timely manner. Any
non-compliance noticed is to be reported and actioned upon in line with
the Whistle Blower Policy.
Your Company gets its standalone accounts reviewed every quarter by its
Auditors.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/material orders passed by the Regulators or
Courts or Tribunals impacting the going concern status of your Company
and its operations in future.
General
a) Your Company has not issued equity shares with differential rights
as to dividend, voting or otherwise; and
b) Your Company does not have any ESOP scheme for its
employees/Directors.
APPRECIATION
Your Directors wish to convey their gratitude and place on record their
appreciation for all the employees at all levels for their hard work,
solidarity, cooperation and dedication during the year.
Your Directors sincerely convey their appreciation to customers,
shareholders, vendors, bankers, business associates, regulatory and
government authorities for their continued support.
By Order of the Board
Mumbai, Surendra T. Savai
Date : 28th May, 2015 Chairman & Managing Director
Mar 31, 2014
The Members,
S & T Corporation Limited
CIN No. L51900MH1984PLC033178
The Directors present herewith 30* Annual Report of your company
together with Audited Accounts for the year ended 31 st March 2014. As
required under the Ministry of Corporate Affairs'' General Circular
08/2014 No. 1/19/2013-CL-V dated April 4, 2014, the Financial
Statements and other reports required to be attached to the Annual
Report for FY 2013-14 are governed by the relevant provisions,
schedules, rules of the Companies Act, 1956
FINANCIAL RESULTS:
Current year Previous year
2013-14 2012-13
Sales 167,61,840 85,15,478
Other Income 126,44,224 207,47,330
Cost of Material Sold 146,06,551 88,06,057
Stock In Trade - - 16,60,213
Administrative & other
expenses 58,98,176 79,12,218
Depreciation &Amortization
Exp 77,12,207 74,35,718
Profit before Tax 11,89,130 67,71,028
Provision for Tax 2,50,000 14,30,000
Profit after Tax 9,39,130 53,39,028
2. DIVIDEND:
Your Company is looking to venture into new business. There for your
company wishes is plough back the profit into the business. There fore
your director don''t recommend dividend this year in the interest of
shareholders.
3. FUTURE OUTLOOK
The Company has after the merger, has been in a turnaround stage with
new businesses, increased customer base and value. Company is looking
towards a bright future. Now Company is looking to venture into
lucrative business of food and processed foods.
4. DIRECTORS:
Mr. Tejas. H. Shah, & Mr. Ajay S. Savai, directors of the company
retire at the ensuing Annual General Meeting& being eligible, offer
themselves for reappointments.
5. PARTICULARS OF EMPLOYEES:
There were no employees pursuant to section 217(2A) of the companies
act 1956, read with the companies (particulars of employees) rules
1975, as amended.
6. CONSERVATION OF ENERGY, TECHNOLOGY& FOREIGN EXCHANGE EARNINGS AND
OUTGO.
As the company did not engage itself in manufacturing activities during
the year under report, provisions relating to technology absorption &
conversion of energy are not applicable, during the year under report,
there were neither earnings nor outgoes in foreign exchange.
7. DIRECTORS RESPONSIBILITYSTATEMENT
As required under Section 217(2aa) of the companies Act, 1956, the
Director state that:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed & that no material departures
have been made from the same.
ii) That they have selected such accounting policies & applied them
consistently & made judgments & estimates that are reasonable & prudent
so as to give a true fair view of the state of affairs of the company.
iii) That they have taken proper & 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 & for
preventing & detecting fraud & other irregularities.
iv) That they have prepared the annual accounts on a going concern
basis.
8. SECRETRIAL COMPLIANCE CERTIFICATE
The Secretarial Compliance Certificate from practicing Company
Secretary M/s Harshad Mane & Associates as require U/s 383(A) of the
Company Act, 1956 as amended up to date.
9. AUDITORS
Your Directors recommend the appointment of M/S. Pankaj Dalai &
Associates, Chartered Accountants whose term expire on ensuing Annual
general meeting, as Statutory Auditors from the ensuing Annual General
meeting till next annual general meeting and on remunerations as may be
decided by the Chairman. You are requested to appointthem as auditors.
10. CORPORATE GOVERNANCE
Pursuant to clause 49 of the listing agreement (a) management
discussion & analysis, (b) report of the directors on the practices
prevalent on corporate governance in the company & (c) the Auditors
certificate on compliance of mandatory requirements of corporate
governance are given as an annexure to this report.
11. ACKNOWLEDGEMENT
Your directors wish to place on record their application for the
efforts, hardwork, dedication and commitment put by employees at all
levels as also for the valuable support by the bankers and other
business.
By Order of the Board
Mumbai, Surendra T. Savai
Date : 11th August, 2014 Chairman & Managing Director
Mar 31, 2013
To, The Members of S & T Corporation Limited
The Directors present herewith 29th Annual Report of your company
together with Audited Accounts for the year ended 31st March 2013.
FINANCIAL RESULTS:
Current year Previous year
2012-13 2011-12
Sales 85,15,478 96,55,523
Other Income 207,47,330 37,59,579
Cost of Material Sold 88,06,057 83,69,940
Stock In Trade -16,60,213 -
Administrative & other expenses 153,25,518 29,61,335
Depreciation 22,418 3,412
Profit before Tax 67,71,028 20,30,415
Provision for Tax 14,30,000 4,50,000
Profit after Tax 53,39,028 15,69,368
2. DIVIDEND:
In view of past accumulated losses, your directors regret their
inability to recommend any dividend.
3. FUTURE OUTLOOK: AMALGAMATION
The Company has after the merger, has been in a turnaround stage with
new businesses, increased customer base and value. Company is looking
towards a brightfuture.
4. DIRECTORS:
Mr Tejas J. Bakhai, Mr. Narayan K. Bhatt & Shantilal L. Chengede,
directors of the company retire at the ensuing Annual General Meeting &
being eligible, offer themselves for reappointments.
5. PARTICULARS OF EMPLOYEES:
There were no employees pursuantto section 217(2A) of the companies act
1956, read with the companies (particulars of employees) rules 1975, as
amended.
6. CONSERVATION OF ENERGY, TECHNOLOGY& FOREIGN EXCHANGE EARNINGS AND
OUTGO.
As the company did not engage itself in manufacturing activities during
the year under report, provisions relating to technology absorption &
conversion of energy are not applicable, during the year under report,
there were neither earnings nor out goes in foreign exchange.
7. DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2aa) of the companies Act, 1956, the
Director state that:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been
ii) That they have selected such accounting policies & applied them
consistently & made judgments & estimates that are reasonable & prudent
so as to give a true fair view of the state of affairs of the company.
iii) That they have taken proper & 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 & for
preventing & detecting fraud & other irregularities.
iv) That they have prepared the annual accounts on a going concern
basis.
8. SECRETRIAL COMPLIANCE CERTIFICATE
The Secretarial Compliance Certificate from practicing Company
Secretary M/s Harshad Mane & Associates as require U/s 383(A) of the
Company Act, 1956 as amended up to date.
9. AUDITORS
Your Directors recommend the appointment of M/S. Pankaj Dalai &
Associates, Chartered Accountants whose term expire on ensuing Annual
general meeting, as Statutory Auditors from the ensuing Annual General
meeting till next annual genera! meeting and on remunerations as may be
decided by the Chairman. You are requested to appointthem as auditors.
10. CORPORATE GOVERNANCE
Pursuant to clause 49 of the listing agreement (a) management
discussion & analysis, (b) report of the directors on the practices
prevalent on corporate governance in the company & (c) the Auditors
certificate on compliance of mandatory requirements of corporate
governance are given as an annexure to this report.
11. ACKNOWLEDGEMENT
Your directors wish to place on record their application for the
efforts, hardwork, dedication and commitment put by employees at all
levels as also for the valuable support by the bankers and other
business.
By Order of the Board
Mumbai, Surendra T. Savai
Date : 12th August, 2013 Chairman & Managing Director
Mar 31, 2012
To, The Members of S & T Corporation Limited
The Directors present herewith 28Ih Annual Report of your company
together with Audited Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS :
Current year Previous year
2011-12 2010-11
Sales 96,55,523 1,39,58,194
Other Income 37,59,579 8,17,959
Cost of Material Sold 83,69,940 1,21,72,552
Administrative & other expenses 29,61,335 15,00,831
Depreciation 53,412 39,541
Profit before Tax 20,30,415 10,63,229
Provision for Tax 4,50,000 2,06,000
Profit after Tax 15,69,368 6,62,968
2. DIVIDEND:
In view of past accumulated losses, your directors regret their
inability to recommend any dividend.
3. FUTURE OUTLOOK:
AMALGAMATION
The Company has completed the amalgamation with Shubh Management
Consultants Private Limited. High court has approved the Scheme of
amalgamation and also the petition. Company received the High court
order dated 30* March 2012. The same has also been filed with Registrar
of Companies as per requirement of Companies Act.
Company is now awaiting the Certificate of Approval from Registrar of
Companies which it shall receive in due course.
4. DIRECTORS:
Mr. T. H. Shah, Mr. S. K. Sheth & Mr. R. B. Patel, directors of the
company retire at the ensuing Annual General Meeting & being eligible,
offer themselves for reappointments.
5. PARTICULARS OF EMPLOYEES:
There were no employees pursuant to section 217(2A) of the companies
act 1956, read with the companies (particulars of employees) rules
1975, as amended.
6. CONSERVATION OF ENERGY, TECHNOLOGY & FOREIGN EXCHANGE EARNINGS AND
OUTGO.
As the company did not engage itself in manufacturing activities during
the year under report, provisions relating to technology absorption &
conversion of energy are not applicable, during the year under report,
there were neither earnings nor outgoes in foreign exchange.
7. DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2aa) of the companies Act, 1956, the
Director state that:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed & that no material departures
have been made from the same.
ii) That they have selected such accounting policies & applied them
consistently & made judgments & estimates that are reasonable & prudent
so as to give a true fair view of the state of affairs of the company.
:
iii) That they have taken proper & 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 & for
preventing & detecting fraud & other irregularities.
iv) That they have prepared the annual accounts on a going concern
basis.
8. SECRETRIAL COMPLIANCE CERTIFICATE
The Secretarial Compliance Certificate from practicing Company
Secretary M/s Harshad Mane & Associates as require U/s 383(A) of the
Company Act, 1956 as amended up to date.
9. AUDITORS
Your Directors recommend the appointment of M/S. Pankaj Dalai &
Associates, Chartered Accountants whose term expire on ensuing Annual
general meeting, as Statutory Auditors from the ensuing Annual General
meeting till next annual general meeting and on remunerations as may be
decided by the Chairman. You are requested to appoint them as auditors.
10. CORPORATE GOVERNANCE
Pursuant to clause 49 of the listing agreement (a) management
discussion & analysis, (b) report of the directors on the practices
prevalent on corporate governance in the company & (c) the Auditors
certificate on compliance of mandatory requirements of corporate
governance are given as an annexure to this report.
11. ACKNOWLEDGEMENT
Your directors wish to place on record their application for the
efforts, hard work, dedication and commitment put by employees at all
levels as also for the valuable support by the bankers and other
business
By Order of the Board
Mumbai, Surendra T. Savai
Date : 28th May, 2012 Chairman & Managing Director
Mar 31, 2010
The Directors present herewith 26th Annual Report of your Company
together with Audited Accounts for the year ended 31st March, 2010.
FINANCIAL RESULTS :
Current year Previous year
2009-10 2008-09
Sales 6,459,024 1,516,538
Income from operating activities 5,554,992 3,598,296
Cost of Material Sold 5,631,823 1,464,406
Administrative & other expenses 1,226,547 1,039,227
Depreciation 43,439 47,494
Leaving a Profit before Taxation 5,112,207 2,563,707
Provision for taxation
Current Tax (7,90,000) (2,65,000)
Fringe Benefit Tax (0) (4,000)
Profit after Current Taxation 4,322,207 2,294,707
Adding thereto:
Brought forward from previous year (47,597,499) (49,892,206)
Net surplus after tax
transferred to Balance Sheet (43,275,292) (49,892,206)
OPERATIONS:
The turnover of the Company for the year under review has increased
from Rs. 1,516,538 to Rs. 6,459,024 while the earnings before
Depreciation, other administrative expenses and taxation stood at Rs.
12,014,016 as against Rs. 5,114,834 in last year. The net Profit before
tax for the year increased from Rs. Rs. 2,563,707 to Rs. 5,112,207.
The loss carried forward to the Balance Sheet is Rs. 43,275,292.
DIVIDEND:
In view of accumulated losses, your directors regret their inability to
recommend any dividend.
FUTURE OUTLOOK:
The Company since last few years has now restarted various business
activities & hopeful of expanding its business activities in various
fields gradually Company has also entered last year into partnership
with M/s. Victory Realtors. The business of the partnership firm is to
purchase, acquire & sell properties & carry out real estate development
work & sell the shop/flats/premises constructed on the said properties
& the same also should start generating the income in the coming years.
DIRECTORS:
Mr. Tejas Shah, Mr. Sharad Sheth & Mr. Rajesh Patel Directors of the
Company retire at the ensuing Annual General Meeting & being eligible,
offer themselves for reappointments.
PARTICULARS OF EMPLOYEES:
There were no employees pursuant to section 217(2A) of the Companies
Act 1956, read with the Companies (Particulars of employees) rules
1975, as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
As the Company did not engage itself in manufacturing activities during
the year under report, provisions relating to technology absorption &
conversion of energy are not applicable, during the year under report,
there were neither earnings nor outgoes in foreign exchange.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors state that
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed & that no material departures have been
made from the same.
ii. They have selected such accounting policies & applied them
consistently & made judgments & estimates that are reasonable &prudent
so as to give a true fair view of the state of affairs of the Company.
iii. They have taken proper & 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 & for
preventing & detecting fraud & other irregularities.
iv. They have prepared the annual accounts on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE:
The Secretarial Compliance Certificate from Practicing Company
Secretary M/s Anil jani & Company as required U/s 383(A) of the
Companies Act, 1956 as amended up to date is annexed herewith as part
of the Directors Report
AUDITORS:
M/s. Pankaj Dalai & Associates, Chartered Accountants, retire from the
office of the Auditors at the conclusion of the ensuing annual general
meeting & are available for appointment
ACKNOWLEDGEMENT:
Your directors wish to place on record their application for the
efforts, hard work, dedication and commitment put by employees at all
levels as also for the valuable support by the bankers and other
business associates.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the listing agreement (a) management
discussion & analysis, (b) report of the directors on the practices
prevalent on corporate governance in the Company & (c) the Auditors
Certificate on compliance of mandatory requirement of corporate
governance are given as annexure to this report
By Order of the Board
Mumbai, Surendra T. Savai
Date : 31st July, 2010 Chairman & Managing Director
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