Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 20th Annual Report
together with the Audited Accounts of the Company for the year ended on
31st March, 2014.
FINANCIAL RESULTS:
(In Lacs)
2013-14 2012-13
Total Income (Net) 4792.05 4219.66
Total Expenditure 4756.92 4194.91
Gross Profit / (Loss) 35.13 24.75
Less : Depreciation 1.97 2.62
Provision for taxation 10.75 7.22
Earlier Years Tax 0.58 0.15
Deferred Tax (0.11) (0.18)
Extraordinary Item (Investment Written off) 10.49 -
Profit / (Loss) after Tax 11.45 14.94
Your directors are confident and optimistic of achieving upward growth
and achieving much better results in the coming years.
DIVIDEND:
Since the company is on the verge of growth and development your
directors are unable to recommend any dividend in the current fiscal.
MANAGEMENT DISCUSSION AND ANALYSIS AND INDUSTRY OUTLOOK:
The board of directors believes in the strict compliance of provisions
of listing agreement and believes in better corporate governance. The
disclosure standards are adhered and boards of directors as well as top
management personnel have adopted code of conduct. The disclosures as
required under clause 49 of the listing agreement is forming part of
this report as a separate annexure in the form of report.
Your directors are in the process of making diversification of its
business in the manufacturing and trading metal and other allied
activities. Your directors are optimistic of achieving commendable
growth in the coming years.
INSURANCE:
The company has taken sufficient insurance for the properties against
risks of fire, strike, riot and earthquake. PARTICULARS OF EMPLOYEES:
The particulars of the employee of the Company drawing total
remuneration of Rs.60,00,000/- per annum or Rs.5,00,000/ - per month as
required U/S 217 (2A) of the Companies Act, 1956 is Nil.
FIXED DEPOSITS:
Your Company has not accepted any deposits and, as such, no amount of
principal or interest was outstanding on the date of balance sheet.
Mr. Devendra P. Jain, Director of the Company, liable to retires by
rotation and being eligible offers himself for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT - SECTION 217 (2AA) OF THE
COMPANIES ACT, 1956:
The Board of Directors states:
1) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2) that the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
3) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
4) that the Directors had prepared the annul accounts on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
1) CONSERVATION OF ENERGY :
A. Energy Conservation measures taken: The Company gives top most
priority to energy conservation.
B. Additional investment and proposal if any being implemented for
reduction in consumption of energy : NIL
C. Energy consumption in terms of electricity, LDO and Gas NIL.
D. Total energy consumption and energy consumption per unit of
production: NIL.
2) TECHNOLOGY ABSORPTION :
A. Adoption and innovation : N.A.
B. Research and development ( R & D ) : NIL
3) FOREIGN EXCHANGE EARNINGS AND OUT GO :
OUT GO
CIF Value of Import : Rs.44,76,446/-
Expenditure in Foreign Currency : NIL
EARNING : NIL
CORPOTRATE GOVERNANCE:
Your directors are pleased to inform you during the year provisions
relating to the Corporate Governance as per listing Agreement has
become applicable and has complied with the various requirements a
report along with certificate is attached forming part of this report.
The present Auditors of the Company M/s. Bharadia Maheshwari &
Associates, Chartered Accountants, Ahmedabad were appointed as Auditors
and will retire at the ensuing Annual General Meeting. M/s. Bharadia
Maheshwari & Associates, Chartered Accountants have submitted
certificate for their eligibility for appointment under section 139 of
the Companies Act, 2013. Board of Directors of your Company favour
their re-appointment as Statutory Auditors'' of the Company and such
re-appointment if done, shall be upto the next Annual General Meeting
of the Company.
AUDITORS REPORT AND COMMENTS:
Relating to qualification cited by auditors, the Board of Directors of
the company like to comment as under:-
1. Valuation of investments at cost as stated in note no. 42.
Note no. 42. Company has made investment in certain companies and out
of them Advance Bio Chem (India) Ltd., Shree ji Phosphate Ltd., Zora
Pharma Ltd., are suspended and delisted at BSE therefore the company
has shown investments in shares of these companies under the category
of unquoted investment. The management continuously update its
information from BSE and is hopeful to realize the value of investment,
therefore no provision has been made for the possible diminution in the
value of shares held as investment.
2. Non Provision for Depreciation on Plant & Machinery as stated in
note no.45.
Note no.45. The Company has not provided any Depreciation on Plant &
Machinery during the year, as the company has not started production
and even depreciation charged in the year 2009-10, was reversed back in
next year i.e. 2010-11. As there was dispute with Paschim Gujarat Vij
Company Ltd. (PGVCL), the supplier of power, relating to certain
charges in the previous years. The Company has won the case against the
PGVCL and pursuing to re-start its power connection. The Company has
already incurred certain expenditure to re-start its plant during the
year and taking all necessary steps to re-start commercial operation
from its existing plant. Once the company starts commercial production,
depreciation will be charged as per the applicable rate.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the support
extended by Bankers and Office bearers of Government Department and
Financial Institutions. Your Directors also place on record their deep
appreciation of the services rendered by the Officers, staff and
workers of the company at all levels. Your Directors also acknowledge
the continued invaluable support extended by you - our shareholders-
and the confidence that you have placed in the company.
Regd. Office By Order of the Board
A/2, North View Apartment, For, Shree Metalloys Limited
St. Xaviers College Road,
Navrangpura, Ahmedabad -380009 Pratik R. Kabra
Date : 12/08/2014 Chairman & Managing Director
Place : Ahmedabad DIN: 00006358
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the 19th Annual Report
together with the Audited Accounts of the Company for the year ended on
31st March, 2013.
FINANCIAL RESULTS:
(In Lacs)
2012-13 2010-11
Total Income (Net) 4219.66 6300.48
Total Expenditure 4194.91 6286.61
Gross Profit / (Loss) 24.75 13.87
Less : Depreciation 2.62 3.41
Provision for taxation 7.22 3.80
Earlier Years Tax 0.15 0.45
Deferred Tax (0.18) (0.44)
Profit / (Loss) after Tax 14.94 6.65
During the current fiscal 2012-2013 under review, Sales and other
Income have been placed at Rs.4219.66 Lacs compared to Rs. 6300.48 Lacs
in the year 2011-2012. Your directors are confident and optimistic of
achieving upward growth and achieving much better results in the coming
years.
DIVIDEND:
Since the company is on the verge of growth and development your
directors are unable to recommend any dividend in the current fiscal.
MANAGEMENT DISCUSSION AND ANALYSIS AND INDUSTRY OUTLOOK:
The board of directors believes in the strict compliance of provisions
of listing agreement and believes in better corporate governance. The
disclosure standards are adhered and board of directors as well as top
management personnel have adopted code of conduct. The disclosures as
required under clause 49 of the listing agreement is forming part of
this report as a separate annexure in the form of report.
Your directors are in the process of making diversification of its
business in the manufacturing and trading metal and other allied
activities. Your directors are optimistic of achieving commendable
growth in the coming years.
INSURANCE:
The company has taken sufficient insurance for the properties against
risks of fire, strike, riot and earthquake.
PARTICULARS OF EMPLOYEES:
The particulars of the employee of the Company drawing total
remuneration of Rs.60,00,000/- per annum or Rs.5,00,000/ - per month as
required U/S 217 (2A) of the Companies Act, 1956 is Nil.
FIXED DEPOSITS:
Your Company has not accepted any deposits and, as such, no amount of
principal or interest was outstanding on the date of balance sheet.
DIRECTORS:
Mr.Jogesh D. Chokshi, Whole time Director designated as Executive
Director of the Company, appointed under the category of liable to
retire by rotation, retires on the ensuing Annual General Meeting,
being eligible, offers himself for reappointment.
The Board of your Company recommends his re-appointment as Director
under the category of liable to retire by rotation.
DIRECTORS'' RESPONSIBILITY STATEMENT - SECTION 217 (2AA) OF THE
COMPANIES ACT, 1956:
The Board of Directors states:
1) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2) that the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
3) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
4) that the Directors had prepared the annual accounts on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
1) CONSERVATION OF ENERGY :
A. Energy Conservation measures taken: The Company gives top most
priority to energy conservation.
B. Additional investment and proposal if any being implemented for
reduction in consumption of energy : NIL
C. Energy consumption in terms of electricity, LDO and Gas NIL.
D. Total energy consumption and energy consumption per unit of
production: NIL.
2) TECHNOLOGY ABSORPTION :
A. Adoption and innovation : N.A.
3) Research and development ( R & D ) : NIL
4) FOREIGN EXCHANGE EARNINGS AND OUT GO : OUT GO
CIF Value of Import : 2,61,83,926
Expenditure in Foreign Currency : 57,921
EARNING :NIL
CORPOTRATE GOVERNANCE:
Your directors are pleased to inform you that your Company has complied
with the various requirements of Corporate Governance during the year
and a Corporate Governance Report along with certificate is attached
forming part of this report.
AUDITORS:
The present Auditors of the Company M/s. Bharadia Maheshwari &
Associates, Chartered Accountants, Ahmedabad were appointed as Auditors
and will retire at the ensuing Annual General Meeting. M/s. Bharadia
Maheshwari & Associates, Chartered Accountants have submitted
certificate for their eligibility for appointment under Section 224(1B)
of the Companies Act, 1956. Board of Directors of your Company favour
their re-appointment as Auditors of the Company and such re-appointment
if done, shall be upto the conclusion of the next Annual General
Meeting of the Company.
AUDITORS'' REPORT AND COMMENTS:
The Auditors'' of the Company has commented and quailed their Audit
Report and relating to qualification cited by Auditors'', the Board of
Directors of the Company likes to comment as under:-
1. Valuation of investments at cost as stated in Notes No. 41 & 42.
Note No. 41 The market value of Gujarat State Financial Corporation Ltd
(GSFC) were not attractive and also shares of the said Company were
illiquid shares, therefore management of the company has decided not to
pay the allotment money of Rs.5/- per share. The Company approached to
RTA i.e. MCS Ltd., Ahmedabad of GSFC relating to these shares and came
to know that these shares has already been forfeited by the GSFC. As
the Management came to know of this development after preparation and
signing of Audited Accounts by the Board of Directors, same has not
been provided in the books of the Company and necessary entry of loss
on investment in the shares of GSFC will be done in the current
financial year i.e. 2013-14.
Note No. 42 Company has made investment in certain companies and out of
them Advance Bio Chem (India) Ltd., Shreeji Phosphate Ltd., Zora Pharma
Ltd. are suspended/delisted at BSE therefore the company has shown
investment in the shares of these Companies, under the category of
unquoted investment. The management continuously update its information
from BSE and is hopeful to realize the value of investment, therefore
no provision has been made for the possible diminution in the value of
shares held as investment.
2. Non confirmation/non reconciliation of certain deposits as Stated
in Note No. 43.
Note No. 43 The advance given to Ahmedabad stock Exchange amounting
Rs.3.25 lacs and to Vadodara Stock Exchange amounting Rs.20.50 are in
nature of deposits and the Management is perusing the matter with
concerned exchanges to recover the amount of deposit from them. Further
the Management considers this as recoverable and if required, necessary
legal steps will be taken. The Company has already issued legal notices
to Vadodara Stock Exchange.
3. Non provision for Depreciation on Plant & Machinery as stated in
Note No. 45.
Note No. 45 The Company has not provided any depreciation on Plant and
Machinery during the year, as the Company has not started production
and even depreciation charged in the year 2009-10 was reversed back in
the next year i.e.2010-11. As there is non-release of power by Paschim
Gujarat Vij Company Ltd. (PGVCL), the production could not be started,
the matter relating with PGVCL is better explained in Note No. 44 of
the Accounts. Management is pursuing the matter and expect to start
production during the current year. Once the Company starts commercial
production, depreciation will be charged as per the applicable rate.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the support
extended by Bankers and Office bearers of Government Department and
Financial Institutions. Your Directors also place on record their deep
appreciation of the services rendered by the Officers, staff and
workers of the company at all levels. Your Directors also acknowledge
the continued invaluable support extended by you - our shareholders-
and the confidence that you have placed in the company.
By Order of the Board
For, Shree Metalloys Limited
Date : 30/07/2013 Pratik R. Kabra
Place:Ahmedabad Chairman & Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the 18th Annual Report
together with the Audited Accounts of the Company for the year ended on
31st March, 2012.
FINANCIAL RESULTS:
(In Lacs)
2011-12 2010-11
Operating Profit / (Loss) (Before Interest &
Depreciation) 35.71 20.32
Less: Interest 21.83 0.55
Profit/(Loss) before Depreciation 13.87 19.77
Less: Depreciation 3.40 2.27
Profit / (Loss) before Tax 10.46 17.50
Less: Provision for Taxation 3.80 5.25
Add/Less: Deferred Tax Assets/provision 0.44 4.53
Less: Prior Period Adjustment 0.45 5.61
Net Profit/(Loss) after Tax 06.65 11.17
Add: Balance brought forward from previous year 64.67 53.50
Profit / (Loss) carried to Balance Sheet 71.31 64.67
During the current fiscal 2011-2012 under review, Sales and other
Income have been placed at Rs.6298.91 Lacs compared to Rs. 4789.59 Lacs
in the year 2010-2011. Your directors are confident and optimistic of
achieving upward growth and achieving much better results in the coming
years.
DIVIDEND:
Since the company is on the verge of growth and development your
directors are unable to recommend any dividend in the current fiscal.
Management discussion and analysis and industry outlook:
The board of directors believes in the strict compliance of provisions
of listing agreement and believes in better corporate governance. The
disclosure standards are adhered and boards of directors as well as top
management personnel have adopted code of conduct. The disclosures as
required under clause 49 of the listing agreement is forming part of
this report as a separate annexure in the form of report.
Your directors are in the process of making diversification of its
business in the manufacturing and trading metal and other allied
activities. Your directors are optimistic of achieving commendable
growth in the coming years.
INSURANCE:
The company has taken sufficient insurance for the properties against
risks of fire, strike, riot and earthquake.
PARTICULARS of employees:
The particulars of the employee of the Company drawing total
remuneration of Rs.24,00,000/- per annum or Rs.2,00,000/ - per month as
required U/S 217 (2A) of the Companies Act, 1956 is Nil.
fixed deposits:
Your Company has not accepted any deposits and, as such, no amount of
principal or interest was outstanding on the date of balance sheet.
DIRECTORS:
Mr. Bhupendra Singh Rajput retires by rotation and being eligible
offers himself for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT - SECTION 217 (2AA) OF THE
COMPANIES ACT, 1956:
The Board of Directors states:
1) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2) that the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
3) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
4) that the Directors had prepared the annul accounts on a going
concern basis.
conservation of energy, technology absorption and foreign exchange
earnings and outgo:
1) CONSERVATION OF ENERGY :
A. Energy Conservation measures taken: The Company gives top most
priority to energy conservation.
B. Additional investment and proposal if any being implemented for
reduction in consumption of energy : NIL
C. Energy consumption in terms of electricity, LDO and Gas NIL.
D. Total energy consumption and energy consumption per unit of
production: NIL.
2) TECHNOLOGY ABSORPTION :
A. Adoption and innovation : N.A.
B. Research and development ( R & D ) : NIL
3) FOREIGN EXCHANGE EARNINGS AND OUT GO : OUT GO
CIF Value of Import : NIL
Expenditure in Foreign Currency : NIL
EARNING : NIL
CORPOTRATE GOVERNANCE:
Your directors are pleased to inform you during the year provisions
relating to the Corporate Governance as per listing Agreement has
become applicable and has complied with the various requirements a
report along with certificate is attached forming part of this report.
AUDITORS:
The present Auditors of the Company M/s. Bharadia Maheshwari &
Associates, Chartered Accountants, Ahmedabad were appointed as Auditors
and will retire at the ensuing Annual General Meeting. M/s. Bharadia
Maheshwari & Associates, Chartered Accountants have submitted
certificate for their eligibility for appointment under Section 224(1B)
of the Companies Act, 1956. Board of Directors of your Company favour
their re-appointment as Auditors of the Company and such re-appointment
if done, shall be upto the next Annual General Meeting of the Company.
AUDITORS REPORT AND COMMENTS:
Relating to qualification cited by auditors, the Board of Directors of
the company like to comment as under:-
1. Non confirmation/non reconciliation of certain deposits as Stated
in Note (vii) in Schedule IXX.
The advance given to ASE amounting Rs.3.25 lacs and to VSE amounting
Rs.20.50 are in nature of deposit and the Management is perusing the
matter with concerned exchanges to recover the amount of deposit from
them. Further the Management considers this as recoverable and if
required, necessary legal steps will be taken.
2. Valuation of investments at cost as stated in Notes (v) &, (vi) in
Schedule IXX.
(v) As present market value of Gujarat State Financial Corporation Ltd
are not attractive, therefore the company has not done procedure to
register shares of the said company in its name and further not paid
the allotment money.
(vi) As the trading in the shares of certain companies are
suspended/delisted at BSE therefore the same has been shown under the
category of unquoted investment. The management is in process to
realize the value of investment and hopeful to do so therefore no
provision has been made for the possible diminution in the value of
shares held as investment.
3. Non provision for Depreciation on Plant & Machinery as stated in
Note (viii) in Schedule IXX.
Remark relating to this qualification has been well explained under
point viii of notes of Account. Therefore no further clarification
required.
Acknowledgement
Your Directors would like to express their appreciation for the support
extended by Bankers and Office bearers of Government Department and
Financial Institutions. Your Directors also place on record their deep
appreciation of the services rendered by the Officers, staff and
workers of the company at all levels. Your Directors also acknowledge
the continued invaluable support extended by you - our shareholders-
and the confidence that you have placed in the company.
By Order of the Board
For, Shree Metalloys Limited
Date : 14/08/2012 Pratik R. Kabra
Place : Ahmedabad Chairman & Managing Director
Mar 31, 2010
Dear Members,
The Directors have pleasure in presenting the Annual Report together
with the Audited Accounts of the Company for the year ended on 31st
March, 2010
FINANCIAL RESULTS:
Your Directors are glad to announce the commendable progress made by
the company in the current fiscal. During the current fiscal 2009-2010
under review, Sales and other Income has been placed at Rs. 4725.37
Lacs compared to Rs.745.40 Lacs in the year 2008-2009, whereas Net
profit before tax of the company has been placed at Rs.28.19 Lacs
compared to Rs.0.85 Lacs in the year 2008-09. After Provision for
Taxation Net Profit of the company has stood at Rs. 19.33 Lacs compare
to Rs. 0.53 Lacs in the year 2008-09. Your directors are confident and
optimistic of achieving upward growth and achieving much better results
in the coming years.
DIVIDEND:
Since the company is on the verge of growth and development your
directors are unable to recommend any dividend in the current fiscal.
MANAGEMENT DISCUSSION AND ANALYSIS AND INDUSTRY OUTLOOK:
The board of directors believes in the strict compliance of provisions
of listing agreement and believes in better corporate governance. The
disclosure standards are adhered and board of directors as well as top
management personnel have adopted code of conduct. The disclosures as
required under clause 49 of the listing agreement is forming part of
this report as a separate annexure in the form of report.
Your directors are in the process of making diversification of its
business in the manufacturing and trading metal and other allied
activities. Your directors are optimistic of achieving commendable
growth in the forth coming years.
INSURANCE:
The company has taken sufficient insurance for the properties against
risks of fire, strike, riot and earthquake.
PARTICULARS OF EMPLOYEES:
The particulars of the employee of the Company drawing total
remuneration of Rs.24,00,000/- per annum or Rs.2,00,000/- per month as
required U/S 217 (2A) of the Companies Act, 1956 is Nil.
FIXED DEPOSITS:
Your Company has not accepted any deposits and, as such, no amount of
principal or interest was outstanding on the date of balance sheet.
DIRECTORS:
Shri Pratik R. Kabra retires by rotation and being eligible offers
himself for reappointment Shri Ramprasad M. Kabra resigned from the
directorship of the company during the year due to their other
pre-occupations. The board placed on record the same and offered deep
sense of gratitude for the services rendered by them to the company.
DIRECTORS RESPONSIBILITY STATEMENT -SECTION 217 (2AA) OF THE COMPANIES
ACT, 1956:
The Board of Directors states:
1) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2) that the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
3) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
4) that the Directors had prepared the annul accounts on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Particulars in accordance with the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 read with the
Provisions of Section 217 (1) (e) of The Companies Act, 1956 is annexed
herewith forming part of this report.
CORPOTRATE GOVERNANCE:
Your directors are pleased to inform you during the year provisions
relating to the Corporate Governance as per listing Agreement has
become applicable and has complied with the various requirements a
report along with certificate is attached forming part of this report.
AUDITORS:
M/s. Bharadia Maheshwari & Associates, Chartered Accountants,
Ahmedabad, statutory auditors retires at the end of ensuing Annual
general meeting and being eligible, offer themselves for reappointment.
AUDITORS REPORT AND COMMENTS:
The contents and notes in the auditors report are self explanatory and
needs no explanation.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for the support
extended by Bankers and Office bearers of Government Department and
Financial Institutions. Your Directors also place on record their deep
appreciation of the services rendered by the Officers, staff and
workers of the company at all levels. Your Directors also acknowledge
the continued invaluable support extended by you - our shareholders-
and the confidence that you have placed in the company.
On behalf of the Board
Pratik Kabra Kapil Kabra
Director Director
Date : 29/05/2010
Place: Ahmedabad