Jun 30, 2014
Dear Shareholders,
The Directors have pleasure in presenting their 84th Annual Report
along with the Audited Accounts of the Company for the financial year
ended 30th June, 2014:
FINANCIAL RESULTS (Rs. in Lacs)
2013-14 2012-13
Sales & Other Income 1932.30 2804.61
Profit before Interest, Depreciation and Tax 813.98 907.48
Less Interest 29.45 9.97
Depreciation 564.13 555.93
Profit/(Loss) before tax 220.40 341.59
Less: Provisions for Tax 2.56 3.15
Profit/(Loss) after tax 217.84 338.44
Add/Less: Balance brought forward from
previous year 497.38 435.36
Profit available for appropriation 715.22 773.80
APPROPRIATIONS:
Dividend (including Tax) 44.40 64.94
Transfer to General Reserve - -
Transfer to Special Reserve 300.00 211.48
Balance carried to Balance Sheet 370.82 497.38
PERFORMANCE:
Total Income, during the year under review, stood at Rs. 1932.30 lacs
as against Rs. 2804.61 lacs in the previous financial year
2012-13.Profit before Interest, Depreciation and Tax stood at 42.12%,
showing a marginal increase from 32.36%. Profit after Tax amounting to
Rs. 233.89 lacs stood at 12.10%, compared to 12.07%, in the previous
financial year.
During the year under review Company''s Sugar Mill at Motihari, Bihar,
remained inoperative due to technical problems. The management of your
Company has been taking its best efforts for correcting technical
problems to ensure resumption of the production activities.
DIVIDEND:
Your directors are pleased to recommend a dividend @ 2% for the
financial year 2013-14 i.e., Re. 0.20 per equity share of Rs. 10/-
each, for your approval. The Proposed dividend, if approved at the
ensuring Annual General Meeting, would result in appropriation of Rs.
44.57 lacs (including Corporate Dividend Tax of Rs. 7.57 lacs) out of
the profits.
FUTURE PROGRAMMES:
After resumption of production activities at the Company''s Sugar Mill
at Motihari, Bihar, your management looks forward for expansion in the
existing capacity together with its up-gradation to ensure increased
level of production with thrust on increase in productivity and also
production of quality sugar.
Looking into the infrastructure facilities available at the Motihari
Mill, your directors are confident that by spending a nominal capital
expenditure the benefits of expanded level of production may be
availed.
Initially, the implementation of the expansion programme increasing the
capacity of the said Sugar Mill to 4000 TCD together with setting-up of
25 MW captive power plant is proposed to be undertaken upon
availability of the desired funds.
Therefore, continuous efforts are being put to raise funds for the said
requirements.
Your directors are confident that these steps will improve performance
of the Company significantly in the coming years.
PRESENT CONSTRUCTION ACTIVITIES AND FUTURE PROGRAMMES:
During the year under review, sale of construction rights stood at Rs.
1308.87 lacs compared to Rs. 1367.85 lacs during the previous
financial year 2012-13.
The Company has not undertaken any major construction project.
Presently, it has very small construction activities which mainly
include purchase and sell of construction rights. However, it has plans
to expand its construction activities by undertaking large housing
projects comprising economy as well as luxurious residential houses.
DIRECTORS:
Mr. R. K. More (DIN: 00119618) and Mr. L. K. Tibrawalla (DIN: 00423521)
retire by rotation at the conclusion of ensuing Annual General Meeting
and being eligible offer themselves for re-appointment.
The term of Mr. B. K. Nopany as Managing Director of the Company
expired on 30th June, 2014. The Board, considering his experience and
the valued services he rendered during his tenure as such, re-
appointed him as Managing Director of the Company w.e.f. 1st July,
2014, pursuant to provisions of the Companies Act, 2013 and all other
applicable provisions and also subject to approval of the Members of
the Company.
Mr. L. K. Tibrawalla (DIN: 00423521), Ms. Pratima Srivastava and Ms.
Shabnam Agarwal are proposed to be appointed as Independent Directors
in accordance with the provisions of Sections 149 and 152 of the Act
read with the rules made thereunder and the Clause 49 of Listing
Agreement with the Stock Exchanges concerned.
Brief resume of the Directors proposed to be re-appointed, as
stipulated under clause 49 of the Listing Agreements with the Stock
Exchanges are provided in the Notice forming part of this Annual
Report.
AUDITORS:
The Auditors of the company M/s Agarwal Gupta Nokari & Rustagi
Associates, Chartered Accountants, hold office until the conclusion of
the ensuing Annual General Meeting and are recommended for re-
appointment. Certificate from Auditors has been received to the effect
that their appointment, if made, would be within the limit prescribed
under the provisions of the Companies Act, 2013 and relevant Rules
there under.
Notes forming part of accounts, which are specifically referred to by
the Auditors in their report, are self explanatory and, therefore, do
not call for any further comments.
FIXED DEPOSITS:
During the year under review, the Company has not accepted public
deposits under section 58-A of the Companies Act, 1956, or the
Companies Act, 2013.
DE-MATERIALISATION OF SHARES:
The Company''s equity shares are available for de-materialization on
both the depositories, viz., NSDL & CDSL. Shareholders may be aware
that SEBI has made trading in your Company''s shares mandatory, in
de-materialized form. As on 30th June, 2014, 16218409 equity shares
representing 87.67% of your Company''s Equity Share Capital have been
de-materialised
LISTING AT STOCK EXCHANGE:
With effect from 12/03/2014, Equity Shares of the Company were listed
at BSE Ltd also. under the Direct Listing Scheme. Presently, the Shares
of the Company are listed on The Calcutta Stock Exchange Ltd, Kolkata
and the BSE Ltd, Mumbai.
STATUTORY INFORMATION:
- In view of no employee of the Company having drawn remuneration as
prescribed in section 217(2A) of the Companies Act, 1956 or in the
rules made pursuant to the same, during the Financial Year under
review, particulars of the employees pursuant to the said provisions
are not required to be given.
- The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required 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 is given as per ''Annexure A'' and forms part of the
Directors'' Report.
- Certificate received from the Auditors of the Company regarding
Compliance of conditions of Corporate Governance, as required under
clause 49 (VII) of the Listing Agreement, is annexed and forms part of
this report.
- As required under 49 IV (F) of the Listing Agreement, Management
Discussion and Analysis Report is annexed and forms part of this
report.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to provisions of section 217 (2AA) of the Companies Act, 1956,
your Directors confirm that:
i. In the preparation of the Annual Accounts for the year ended 30th
June, 2014, the applicable accounting standards had 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 financials year and the loss of the
company for the year under review;
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act,1956 for safeguarding the assets of the
Company and for preventing, and detecting fraud and other
irregularities; and
iv. The Directors have prepared the annual accounts on a going concern
basis.
EMPLOYEE RELATIONS:
During the year under review, the relations between the Management and
the workmen were cordial, except witness of recent agitation. The
management of the Company in confident to solve the problem soon.
INVESTOR RELATIONS:
Your Company always endeavors to keep the time of response to
Shareholders'' requests/grievance at the minimum. Priority is accorded
to address all the issues raised by the Shareholders and provide them
a satisfactory reply at the earliest possible time. The Shareholders''
Grievance Committee of the Board meets periodically and reviews the
status of the redressal of Shareholders'' Grievances. The Shares of
the Company continue to be traded in Electronic Form and the
De-materialization arrangement exists with both the depositories, viz.,
National Securities Depository Limited and Central Depository Services
(India) Limited.
ACKNOWLEDGEMENT:
Your Directors wish to place on record the sincere and dedicated
efforts of all the members of the Company''s team which has throughout
the year remained active. Your Directors also take this opportunity to
offer their sincere thanks to Financial Institutions, Banks, other
Government Agencies, our valued customers and the investors for their
continued support and assistance. The employees of your Company
continued to display their unstinted devotion, co-operation. Your
Directors take this opportunity to record their appreciation for the
same. Your Directors also express their profound thanks to the
Shareholders for their faith and continued support to the endeavors of
the Company.
Place : Kolkata For & on behalf of the Board
Date : 14th July, 2015 SHREE HANUMAN SUGAR & INDUSTRIES LIMITED
(B. K. NOPANY)
Managing Director
Jun 30, 2012
The Directors have pleasure in presenting their 82nd Annual Report
along with the Audited Accounts of the Company for the financial year
ended 30th June, 2012:
FINANCIAL RESULTS (Rs. in Lacs)
2011-12 2010-11
Sales & Other Income 2941.89 2493.91
Profit before Interest,
Depreciation and Tax 1026.88 1056.76
Less Interest 34.36 44.64
Depreciation 445.60 126.95
Profit/(Loss) before tax 546.92 885.17
Less: Provisions for Tax (Including FBT) 115.00 164.25
ProfitV(Loss) after tax 431.92 720.92
Add/Less: Balance brought forward
from previous year 1059.60 715.84
Profit available for appropriation 1491.52 1436.76
APPROPRIATIONS:
Dividend (including Tax) 56.16 56.16
Transfer to General Reserve 1000.00 0.00
Transfer to Special Reserve 0.00 321.00
Balance carried to Balance Sheet 435.36 1059.60
PERFORMANCE:
The Total Income of the Company, which stood at Rs. 2941.89 lacs
duringthe year under review, recorded a rise of 18%, when compared to
Rs. 2493.10 lacs during the previous Financial Year 2010-11. Profit
after Tax, which stood at Rs. 431.92 lacs during the year 2011-12, was
lower by 289 lacs, when compared with Rs. 720.92 lacs during the
previous year 2010-11, mainly on account of higher depreciation.
Company''s Sugar Mill at Motihari, Bihar, the up-gradation of which was
partly completed during Season 2010, could not operate during the
entire financial year 2011-12 on account of availability of desired
funds for working capital leading to non-viability to run. The Company
succeeded in registering completion of construction of residential
flats and sale thereof amounting to Rs. 84.64 lacs.
Your Directors are hopeful that the performance of the Company will
improve in the coming years after resumption of operations at the Sugar
Mill and further expansion of the same. The Management of the Company
have been putting its best efforts for raising funds to meet working
capital as well as capital expenditure requirements for expansion.
DIVIDEND:
Your directors are pleased to recommend a dividend @ 3% for the
financial year 2011-12 i.e., Rs. 0.30 per equity share of Rs. 10/-
each, for your approval. The Proposed dividend, if approved at the
ensuing Annual General Meeting, would result in appropriation of Rs.
56.16 lacs (including Corporate Dividend Tax of Rs. 8.16 lacs) out of
the profits.
COMMENCEMENT OF SUGAR MANUFACTURING ACTIVITIES AND FUTURE PROGRAMMES:
Your Directors are confident about raising of funds for desired working
capital as well as capital expenditure for expansion. With the
availability of need-based working capital funds we expect to commence
operations at the Sugar Mill during the current season 2012.
The implementation of the expansion programme increasing the capacity
of the said Sugar Mill to 4000 TCD together with setting-up of 25 MW
captive power plant will also be undertaken upon availability of the
desired funds.
Your Directors also have plans to diversify into steel by installing
initially mild steel ingot manufacturing plant of 72 MT per day. This
will facilitate use of power proposed to be generated in Sugar Plant.
Your directors are confident that these steps will increase business
activities of the Company significantly followed by significant
improvement in its financial performance in coming years.
PRESENT CONSTRUCTION ACTIVITIES AND FUTURE PROGRAMMES:
During the year under review, sale of construction rights stood at Rs.
741.15 lacs compared to Rs. 607.49 lacs during the previous financial
year 2010-11.
The Company has not undertaken any major construction project.
Presently, it has very small construction activities which include
purchase and sale of construction rights. However, it has plans to
expand its construction activities by undertaking large housing
projects comprising economy as well as luxurious residential houses.
DIRECTORS:
Mr. Subbarao Peteti and Mr. R. K. More retire by rotation at the
conclusion of ensuing Annual General Meeting and being eligible offer
themselves for re-appointment.
Mr. K. M. Shah and Mr. Nikhil Merchant resigned from directorship of
the Company during w.e.f. 9.12.2011 and 5.2.2012, respectively. The
Board put on records its appreciation for the valuable guidance
received from them during their directorship.
Pursuant to provisions of 260 of the Companies Act, 1956 and Articles
of Association of the Company, Mr. Ashok Kumar Sinha was appointed as
Additional Director of the Company with effect from 5th February, 2012.
He will hold office upto the date of the ensuing Annual General
Meeting. The Company has received notices on writing from members
proposing his candidature for the office of Director, liable to retire
by rotation.
Considering the growth plans of the Company and experience of Mr. R. K.
More, whose term as Executive Director of the Company expires on 30th
September, 2012 the Board of Directors of the Company at its meeting
held on 27th August, 2012 re-appointed, subject to approval of members
of the Company, him as Whole-time Director, to be designed as Executive
Director, of the Company for a period of 3 (three) years w.e.f. 1st
October, 2012, on the remuneration determined by the Remuneration
Committee of the Board.
Brief resume of the Directors proposed to be re-appointed, as
stipulated under clause 49 of the Listing Agreements with the Calcutta
Stock Exchange Association Ltd are provided in the Notice forming part
of this Annual Report.
AUDITORS:
The Auditors of the company M/s Jainsarawgee & Co. & M/s Bharat D.
Sarawgee & Co., Chartered Accountants, hold office until the conclusion
of the ensuing Annual General Meeting and are recommended for
re-appointment. Certificate from Auditors has been received to the
effect that their appointment, if made, would be within the limit
prescribed under section 224(1 B) of the Companies Act, 1956.
Notes forming part of accounts, which are specifically referred to by
the Auditors in their report, are self explanatory and, therefore, do
not call for any further comments.
FIXED DEPOSITS:
During the year under review, the Company has not accepted public
deposits under section 58-A of the Companies Act, 1956.
DE-MATERIALISATION OF SHARES:
The Company''s equity shares are available for de-materialization on
both the depositories, viz., NSDL & CDSL. Shareholders may be aware
that SEBI has made trading in your Company''s shares mandatory, in
de-materialized form. As on 30th June, 2012, 10860154 equity shares
representing 67.88% of your Company''s Equity Share Capital have been
de-materialised.
ISSUE OF EQUITY SHARES IN PURSUANCE OF ARBITRATION AWARD:
As reported in the last Director''s Report, the Company, in the matter
of a dispute, had received an award from Hon''ble Justice Ajit Sengupta
(Retd.), Sole Arbitratrator, to the effect, inter alia, that your
Company is under an obligation to issue and allot 25,00,000 Equity
Shares of Rs. 10/- each to the existing holders of Company''s 2,00,000
17% secured Non-Convertible Debentures of Rs. 100/- each, at a premium
of Rs. 6.05 per share by redemption of the said debentures and in cash
for the balance. As you are aware, the necessary permissions from the
Debenentureholders as well as Shareholders have been already been
obtained for such allotments. However, the allotments of equity shares
are still pending, as in- principle approval from the Calcutta Stock
Exchange Ltd., Kolkata is still awaited.
LISTING AT STOCK EXCHANGE:
The Shares of the Company are listed on The Calcutta Stock Exchange
Ltd., Kolkata.
STATUTORY INFORMATION:
- There are no employees covered by the provisions of Section 217(2A)
of the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975.
- During the year under review, the Company has not carried out any
manufacturing activity. Therefore, there are no particulars to be
disclosed as per the Companies (Disclosures of Particulars in the
Report of the Board of Directors) Rules, 1988.
- The company had no foreign exchange earning and outgo during the year
under report.
- Certificate received from the Auditors of the Company regarding
Compliance of conditions of Corporate Governance, as required under
clause 49 (VII) of the Listing Agreement, is annexed and forms part of
this report.
- As required under 49 IV (F) of the Listing Agreement, Management
Discussion and Analysis Report is annexed and forms part of this
report.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to provisions of section 217 (2AA) of the Companies Act, 1956,
your Directors confirm that:
I. In the preparation of the Annual Accounts for the year ended 30th
June, 2012, 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 judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and the loss of the
company for the year under review.
III. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing, and detecting fraud and other
irregularities; and IV. The Directors have prepared the annual
accounts on a going concern basis.
PARTICULARS OF EMPLOYEES:
In view of no employees of the Company having drawn remuneration as
prescribed in section 217(2A) of the Companies Act, 1956 or in the
rules made pursuant to the same, during the Financial Year under
review, particulars of the employees pursuant to the said provisions
are not required to be given.
ENERGY, TECHNOLOGY & FOREIGN EXCHANGE:
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required 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 is given as per Annexure A and forms part of the Directors''
Report.
EMPLOYEE RELATIONS:
During the year under review, the relations between the Management and
the workmen were cordial.
INVESTOR RELATIONS:
Your Company always endeavors to keep the time of response to
Shareholders'' requests/grievance at the minimum. Priority is accorded
to address all the issues raised by the Shareholders and provide them a
satisfactory reply at the earliest possible time. The Shareholders''
Grievance Committee of the Board meets periodically and reviews the
status of the redressal of Shareholders'' Grievances. The Shares of the
Company continue to be traded in Electronic Form and the
De-materialization arrangement exists with both the depositories, viz.,
National Depository Limited and Central Depository Services (India)
Limited..
ACKNOWLEDGEMENT:
Your Directors wish to place on record the sincere and dedicated
efforts of all the members of the Company''s team which has throughout
the year remained active. Your Directors also take this opportunity to
offer their sincere thanks to Financial Institutions, Banks, other
Government Agencies, our valued customers and the investors for their
continued support and assistance. The employees of your Company
continued to display their unstinted devotion, co-operation. Your
Directors take this opportunity to record their appreciation for the
same. Your Directors also express their profound thanks to the
Shareholders for their faith and continued support to the endeavors of
the Company.
For & on behalf of the Board
For SHREE HANUMAN SUGAR &
INDUSTRIES LIMITED
Place : Kolkata B.K. Nopany
Dated : .8th November, 2012 Chairman cum Managing Director
Jun 30, 2011
The Directors have pleasure in presenting their 81 st Annual Report
along with the Audited Accounts of the Company for the financial year
ended 30th June, 2011:
FINANCIAL RESULTS (Rs. in Lacs):
2010-11 2009-10
Sales & Other Income 2493.91 3229.89
Profit / (Loss) before Interest,
Depreciation and Tax 1056.76 1176.07
Less: Interest 44.64 42.25
Depreciation 126.95 126.63
ProfitV(Loss) before tax 885.17 1007.29
Less: Provisions for Tax
(Including FBT) 164.25 75.90
Profit/(Loss) after tax 720.92 931.39
Add/Less: Balance brought forward
from previous year 715.84 142.26
Profit available for appropriation 1436.76 1073.65
APPROPRIATIONS:
Dividend (including Tax) 56.16 56.16
Transfer to Special Reserve 321.00 301.65
Transfer to General Reserve
Balance carried to Balance Sheet 1059.60 715.84
PERFORMANCE:
The Company during the year registered turnover of Rs. 1885.40 lacs,
compared to Rs. 2928.05 lacs during the previous Financial Year
2009-10. During the year under review, your Directors put its efforts
towards up-gradation of Company''s Sugar Mill at Motihari, Bihar and
commencement of production at the same. As targeted, the Company
succeeded in completing a part of the up-gradation of the Plant and
also in commencing production of Sugar thereat during Season 2010.
Turnover, during the year under review, includes sale of Sugar lats to
the extent of Rs. 69.21 lacs. The Company succeeded in registering
completion of construction of residential flats and sale thereof
amounting to Rs. 419.59 lacs.
During the year under review, profit before tax stood at Rs. 885.17
lacs, as against Rs. 1007.29 lacs in the previous financial year
2009-10, mainly on account of lower turnover of stores items required
by sugar industry and increased overheads due to commencement of
manufacturing as well as construction activities at trial level.
Your Directors are hopeful that the performance of the Company will
improve in the coming years because of commencement of manufacturing as
well as construction activities.
DIVIDEND:
Your directors are pleased to recommend a dividend @ 3% for the
financial year 2010-11, i.e., Rs. 0.30 per equity share of Rs. 10/-
each, for your approval. The Proposed dividend, if approved at the
ensuing Annual General Meeting, would result in appropriation of Rs.
56.16 lacs (including Corporate Dividend Tax of Rs. 8.16 lacs) out of
the profits.
COMMENCEMENT OF SUGAR MANUFACTURING ACTIVITIES AND FUTURE PROGRAMMES:
As stated above, your Directors are delighted to further mention that
after completion of a part of up- gradation programme from it ow/i
resources, the Company has successfully commenced trial production of
sugar at its Sugar Mill at Motihari, Bihar during the immediate past
season 2010. Your Directors further expects to complete the
up-gradation programme by forthcoming season 2011 and further expansion
of the said Mill to 4000 TCD with setting of 25 MW captive power plant
and commence production there against by the subsequent season, i.e.,
Season 2012.
However, as reported in the previous Report, the implementation of the
expansion programme increasing the capacity of the said Sugar Mill to
4000 TCD together with setting-up of 25 MW captive power plant is
delayed because of non-availability of the desired funds. The Draft Red
Herring Prospectus (DRHP) for raising funds through equity issue from
various sources had been filed with SEBI in December, 2010.
Your Directors also have plans to diversify into steel by installing
initially mild steel ingot manufacturing plant of 72 MT per day. This
will facilitate use of power proposed to be generated in Sugar Plant.
Continuous best efforts are being put to raise funds either through
equity or debt to part-finance the captioned proposals. As a part of
this effort, the Company submitted Draft Red Herring Prospectus (DRHP)
with SEBI in the month of December, 2010 for raising funds through
equity. However, looking into the need for revision in the proposal,
the same has since been withdrawn. Afresh proposals proposed to be
submitted for raising funds through equity or debt as aforesaid.
Your directors are confident that these steps will increase business
activities of the Company significantly followed by significant
improvement in its financial performance in coming years.
PRESENT CONSTRUCTION ACTIVITIES AND FUTURE PROGRAMMES:
During the year under review, sale of construction rights stood at Rs.
607.49 lacs compared to Rs. 301.65 lacs during the previous financial
year 2009-10.
The Company has not undertaken any major construction project.
Presently, it has very small construction activities which include
purchase and sale of construction rights. However, it has plans to
expand its construction activities by undertaking large housing
projects comprising economy as well as luxurious residential houses.
DIRECTORS:
Ms. Pratima Srivastava and Mr. Nikhil Merchant retire by rotation at
the conclusion of ensuing Annual General Meeting and being eligible
offer himself for re-appointment.
Further, the term of Mr. B. K. Nopany as Managing Director expired on
30th June, 2011. The Board of Directors, upon recommendation of the
Remuneration Committee and subject to approval of the members of the
Company and in terms of provisions of the Companies Act, 1956 read with
Schedule XIII of the said Act, reappointed him as Managing Director of
the Company, for a further period of 3 (three) years w.e.f. 1st July,
2011.
Brief resume of the Directors proposed to be re-appointed, as
stipulated under clause 49 of the Listing Agreements with the Calcutta
Stock Exchange Association Ltd are provided in the Notice forming part
of this Annual Report.
AUDITORS:
The Auditors of the company M/s Jainsarawgee & Co. & M/s Bharat D.
Sarawagee & Co., Chartered Accountants, hold office until the
conclusion of the ensuing Annual General Meeting and are recommended
for re-appointment. Certificate from Auditors has been received to the
effect that their appointment, if made, would be within the limit
prescribed under section 224(1 B) of the Companies Act, 1956.
Notes forming part of accounts, which are specifically referred to by
the Auditors in their report, are self explanatory and, therefore, do
not call for any further comments.
FIXED DEPOSITS:
During the year under review, the Company has not accepted public
deposits under section 58-A of the Companies Act, 1956.
DE-MATERIALISATION OF SHARES:
The Company''s equity shares are available for de-materialization on
both the depositories, viz., NSDL & CDSL. Shareholders may be aware
that SEBI has made trading in your Company''s shares mandatory, in
de-materialized form. As on 30th June, 2011, 10860154 equity shares
representing 67.88% of your Company''s Equity Share Capital have been
de-materialised.
ISSUE OF EQUITY SHARES IN PURSUANCE OF ARBITRATION AWARD:
In the matter of a dispute, the Company has since received an award
from Hon''ble Justice Ajit Sengupta (Retd.), Sole Arbitratrator, to the
effect, inter alia, that your Company is under an obligation to issue
and allot 25,00,000 Equity Shares of Rs. 10/- each to the existing
holders of Company''s 200000 17% secured Non-Convertible Debentures of
Rs. 100/- each, at a premium of Rs. 6.05 per share by redemption of the
said debentures and in cash for the balance.
LISTING AT STOCK EXCHANGE:
The Shares of the Company are listed on The Calcutta Stock Exchange
Association Ltd, Kolkata. The Company has paid annual listing fee to
the Exchange for the year 2011-12.
STATUTORY INFORMATION:
- There are no employees covered by the provisions of Section 217(2A)
of the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975.
- During the year under review, the Company has not carried out any
manufacturing activity. Therefore, there are no particulars to be
disclosed as per the Companies (Disclosures of Particulars in the
Report of the Board of Directors) Rules, 1988.
- The company had no foreign exchange earning and outgo during the year
under report.
- Certificate received from the Auditors of the Company regarding
Compliance of conditions of Corporate Governance, as required under
clause 49 (VII) of the Listing Agreement, is annexed and forms part of
this report.
- As required under 49 (IV) (F) of the Listing Agreement, Management
Discussion and Analysis Report is annexed and forms part of this
report.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to provisions of section 217 (2AA) of the Companies Act, 1956,
your Directors confirm that:
I. In the preparation of the Annual Accounts for the year ended 30th
June, 2011 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 judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and the loss of the
company for the year under review.
III. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing, and detecting fraud and other
irregularities; and
IV The Directors have prepared the annual accounts on a going concern
basis.
PARTICULARS OF EMPLOYEES:
In view of no employees of the Company having drawn remuneration as
prescribed in section 217(2A) of the Companies Act, 1956 or in the
rules made pursuant to the same, during the Financial Year under
review, particulars of the employees pursuant to the said provisions
are not required to be given.
ENERGY, TECHNOLOGY & FOREIGN EXCHANGE:
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required 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 is given as per ''Annexure A and forms part of the
Directors'' Report.
EMPLOYEE RELATIONS:
During the year under review, the relations between the Management and
the workmen were cordial.
INVESTOR RELATIONS:
Your Company always endeavors to keep the time of response to
Shareholders'' requests/grievance at the minimum. Priority is accorded
to address all the issues raised by the Shareholders and provide them a
satisfactory reply at the earliest possible time. The Shareholders''
Grievance Committee of the Board meets periodically and reviews the
status of the redressal of Shareholders'' Grievances. The Shares of the
Company continue to be traded in Electronic Form and the
De-materialization arrangement exists with both the depositories, viz.,
National Depository Limited and Central Depository Services (India)
Limited..
ACKNOWLEDGEMENT:
Your Directors wish to place on record the sincere and dedicated
efforts of all the members of the Company''s team which has throughout
the year remained active. Your Directors also take this opportunity to
offer their sincere thanks to Financial Institutions, Banks, other
Government Agencies, our valued customers and the investors for their
continued support and assistance. The employees of your Company
continued to display their unstinted devotion, co-operation. Your
Directors take this opportunity to record their appreciation for the
same. Your Directors also express their profound thanks to the
Shareholders for their faith and continued support to the endeavors of
the Company.
For & on behalf of the Board
For SHREE HANUMAN SUGAR & INDUSTRIES
LIMITED
Place : Kolkata B.K. Nopany
Dated : 27th August, 2011 Chairman cum Managing Director
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