Mar 31, 2015
The Directors are pleased to present their Directors' Report together
with the Audited Financial Statements for the year ended March 31,2015
1. EXTRACT OF ANNUAL RETURN: {Section 92 (3)} In Form MGT-9 enclosed
as Annexure I.
2. NUMBER OF BOARD MEETINGS: (Section 134)
The Board of Directors duly met 5 times on 8th August, 2014; 18th
August, 2014, 3rd September, 2014,14th November, 2014 13th February,
2015.
3. DIRECTORS REPSONSIBILITY STATEMENT:
Pursuant to the requirement of Section 134(5) of the Companies Act,
2013, the Directors hereby confirm that:
i) In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanations relating to
material departures;
ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit and
Loss of the Company for the that period;
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, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) The Directors have prepared the annual accounts on a going concern
basis.
v) The directors in case of listed company have laid down internal
financial controls to be followed by the company and such controls are
adequate and are operating effectively.
vi) The Directors have devised proper system to ensure compliance with
the provisions of all applicable laws and such systems are adequate and
are operating effectively.
4. AUDITORS, SECRETARIAL AUDITORS AND REPLY TO THEIR RESPECTIVE
QUALIFICATIONS:
Auditors:
SVA & Company Chartered Accountants, who are the statutory auditors of
the Company, hold office, in accordance with the provisions of the Act
up to this Annual General Meeting and from whom necessary consent has
been obtained under section 141 of the Companies Act, 2013 are eligible
for re-appointment as required under the provisions of Section 139 of
the Companies Act, 2013 from the conclusion of this Annual General
Meeting till the conclusion of Annual General Meeting of the Company
relating to the financial ended 2018-2019 subject to ratification of
the Members at every Annual General Meeting and at a remuneration as
may be decided by the Board. The Company has received the necessary
eligibility certificate from the Auditors and the Directors recommend
the resolution at item no. 3 of the notice for the approval of the
members.
Reply to Auditors' Qualification:
There was a plan of change in the management of the Company which got
failed and due to same the statutory dues could not paid.
5. FINANCIAL RESULTS:
Amount in Rupees
Particulars Current year Previous Year
2015 2014
Income Earned During the
year 71547033 26470179
Profit/ (Loss) before
Interest, Depreciation & 2173490 5263041
Tax
Less:
a. Interest 36246 36000
b. Depreciation 9935 0
Add prior period
income 0 0
Profit before Taxes 2127309 5227041
Less Current Tax 500000 291000
Add Deferred
Tax 8864 0
Profit for the
period 1618445 4936041
Profits carried forward
from previous year 10292000 5355960
Less proposed
Dividend 0 0
Less Dividend Distribution
Tax 0 0
Profits c/f to Balance Sheet 11910445 10292000
6. RESERVES:
The Company proposes to carry Rs.l 1910445 to the Reserves. AH the
Requirements as laid down in Companies Act, 2013 and Rules made there
under are complied with.
7. DIVIDEND:
The Board of Directors have not recommended dividend for the year under
review.
8. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE
BALANCESHEET AND THE DATE OF REPORT:
There are no material changes between the date of balance sheet and the
date of this report that would affect the financial position of the
company as both are approved and signed on the same day.
9. CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
(A) Conservation of energy:
Considering the nature of the business of your company, there are no
particulars which are required to be furnished in this report relating
to conservation of energy/
(B) Technology absorption:
As the Company is not engaged in Software Development activity,
provisions of section 134(2) (m) of the Companies Act, 2013 relating to
Conservation of technology absorption is not applicable
(C) Foreign exchange earnings and Outgo
PARTICULARS AMOUNT (IN RS.)
Foreign Exchange earned in terms of actual inflows during the year
Foreign Exchange outgo during the year in terms of actual outflows
10. DIRECTORS:
A) Changes in Directors and Key Managerial Personnel
The Board of Director is duly constituted. Mr. Ankur Bhinda, Mr.
Ravikant Sharma and Mr. Arunkumar Saboo the directors have resigned
due to personal reasons from the office during this financial year.
B) Declaration by an Independent Directors)
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed both under the Act and Clause 49 of the
Listing Agreement with the Stock Exchanges.
C) Annual Evaluation of the Board Members
The Company has devised a Policy for performance evaluation of
Independent Directors, Board, Committees and other individual Directors
which includes criteria for performance evaluation of the non-executive
directors and executive directors.
11. AUDIT COMMITTEE {Section 177 (8)}
The Audit Committee was formed during the year and met once. Mr. Madhu
Sharma is the Chairman of the Audit committee. The Composition of the
Audit Committee is as under;
Mr. Madhu Sharma Mr. Amad Riyaz Bhati Mr. Zeeshan Hanif Shaikh
The broad terms and reference of Audit Committee are to review the
financial statements before submission to Board, to review reports of
the Auditors and Internal Audit department and to review the weaknesses
in internal controls, if any, reported by Internal and Statutory
Auditors etc. In addition, the powers and role of the Audit Committee
are as laid down under Clause 49 II C & D of the Listing Agreement
entered with the Stock Exchanges and Section 292A of the Companies Act,
1956.
The Audit Committee invites such of the executives, as it considers
appropriate (and particularly the head of the finance function) to be
present at its meetings. The Statutory Auditors are also invited to the
meetings.
12. NOMINATION AND REMUNERATION COMMITTEE AND COMPANY'S POLICY ON
DIRECTORS APPOINTMENT AND REMUNERATION :{ Section 178 (3) and 178 (4)}
The Remuneration Committee was constituted during the year. Mr. Amad
Riyaz Bhati is the Chairman of Remuneration Committee. The Constitution
of the Committee is as given below:
Mr. Madhu Sharma Mr. Amad Riyaz Bhati Mr. Zeeshan Hanif Shaikh
The terms of reference of the 'Remuneration Committee' are as follows:
1) To determine on behalf of the Board and on behalf of the
Shareholders the Company's policy on specific remuneration packages for
Executive Directors including pension rights and any compensation
payment.
2) Such other matters as may from time to time be required by any
statutory, contractual or other regulatory requirements to be attended
to by such committee.
The details of the remuneration paid to executive director are
disclosed in the related party transactions in the notes to accounts
section of the report.
13. RISK MANAGEMENT POLICY:
The Management has put in place adequate and effective system and man
power for the purposes of risk management. In the opinion of the Board,
following there are no risks which would threaten the existence of the
Company.
14. CORPORATE SOCIAL RESPONSIBILITY (CSR):
Since the Company's net worth does not exceed Rs. 500 crores or
Company's turnover does not exceed Rs. 1000 crores or the Company's net
profit does not exceed Rs. 5 crore for any financial year, the
provisions of section 135 of the Companies Act, 2013 are not
applicable.
15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
Particulars of Loan given, Investments made, guarantees given and
securities provided along with the purpose for which the loan or
guarantee or security is proposed to be utilized by the recipient are
provided in standalone financial statement.
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of contracts or arrangements entered into by the
Company with related parties referred to in sub-section (1) of section
188 of the Companies Act, 2013 including certain arms length
transactions under the proviso thereto have been disclosed in Form No.
AOC -2, annexed.
17. REVISION OF FINANCIAL STATEMENTS OR BOARD'S REPORT {Section 131 j
(1)}
The company has not made any modification or alteration in its
Financial Statement / Board Report in respect of last three financial
years.
18. DISCLOSURES PURSUANT TO SECTION 197 (12) OF THE COMPANIES ACT,
2013 AND THE RULES MADE THEREUNDER:
The Company is not paying any remuneration to its directors except for
the sitting as prescribed by the Articles of Association of the
Company; no disclosures are to be made in this regard.
19. DISCLOSURES PURSUANT TO SECTION 197 (14) OF THE COMPANIES ACT,
2013:
The Company is not paying any remuneration to its directors except for
the sitting as prescribed by the Articles of Association of the
Company; no disclosures are to be made in this regard.
20. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURE COMPANIES: (Not Applicable)
21. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS:
The Corporate Governance and Management Discussion & Analysis Report,
which forms a part of this Report, are set out separately together with
the Certificate from the Auditors of the Company regarding compliance
with the requirements of Corporate Governance as stipulated in Clause
49 of the Listing Agreement.
22. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRD3UNALS IMPACTING THE GOING CONCERN STATUS
AND COMPANY'S OPERATIONS IN FUTURE:
There were no orders passed by the regulators or courts or tribunals
impacting the going concern status and company's operations in future.
25. ACKNOWLEDGEMENTS:
An acknowledgement with thanks is hereby conveyed to all with whose
help, cooperation and » hard work the Company was able to achieve the
results.
For and on Behalf of the Board
Shree Shaleen Textiles Limited
Sd/- Sd/-
Madhu Sharma Amad Riyaz Bhati
(Director, DIN: 01833305) (Director, DIN: 06834976)
Place: Mumbai
Date: 04/09/2015
Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting the Annual Report and the
audited accounts of the Company for the year ended 31st March 2014.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March
2014 is summarised below:
(Rs. in Lacs)
Particulars 2013-14 12012-13
Sales and Other Income 264.70 117,69
Profit before Depreciation and Tax 52.27 52.59
Depreciation 0.00 0,04
Profit! (Loss) before Tax 52.27 52.63
Provision for Tax 2.91 10
Profit / (Loss) after Tax 49.36 42.63
Profit brought forward from previous year RESULTS OF OPERATIONS
During the year your Company has achieved total revenue of Rs.264.70
Lacs as compare to Rs.l 17.69 Lacs in the corresponding previous
financial year and the Company has incurred net profit of Rs. 49.36
Lacs as compared to net profit of Rs.42.63 Lacs in the corresponding
previous financial year.
DIVIDEND
In order to conserve the reserves to meet the needs of increased
operation of the Company, the Board of Directors has decided not to
declare dividend for the year.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits from the public and is
therefore not required to furnish information in respect of outstanding
deposits under Non-Banking Financial Companies (Reserve bank)
Directions. 1966 and Companies (Acceptance of Deposits) Rules, 1975.
BOARD OF DIRECTORS AND CHANGE IN MANAGEMENT:
i). Composition of Board of Directors:
The Board comprises of four Directors, of which three are Independent
Directors.
CORPORATE GOVERNANCE:
The Company has adopted to follow the requirements of Corporate
Governance as stipulated under clause 49 of the Equity Listing
Agreement of Stock Exchange and accordingly, the Report on Corporate
Governance forms part of the Annual Report.
The requisite Certificate from the Auditors of the Company M''s. SVA &
Company, regarding compliance with the conditions of Corporate
Governance as stipulated in Clause 49 is annexed to this Report.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
1. that in preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to materia 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 loss of the
Company for the year under review;
3. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act 1956 for safeguarding the assets of the
Company and for preverting and detecting fraud and other
irregularities;
4. that the Directors had prepared the annual accounts for the year
under review, on a ''going concern'' basis.
AUDITORS:
During the year M/s. SVA & Company, Chartered Accountants, Mumbai, was
appointed as Statutory Auditor of the Company to fill the vacancy
caused by resignation of existing Statutory Auditors of the Company.
M/s Satish Soni & Co., Chartered Accountants. Mumbai, will retire at
the ensuing Annual General Meeting. The Company has received
certificate from the Auditors to the effect that their appointment, if
made would be within the prescribed limits under section 224 (1-B) of
The Companies Act. 1956. Your Directors recommends Re-appointment of
SVA & Company. Chartered Accountants. Mumbai, as Statutory Auditors of
the Company.
ENERGY CONSERVATION,TECHNOLOGY ABSORPTION:
Considering the nature of the Business of your Company there are no
particulars which arc fumislicd in this report relating to conservation
of energy and technology absorption.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Foreign Exchange earnings and outgo of the Company for year under
review amounted to Rs. Nil.
PARTICULARS OF EMPLOYEES
There are no employees whose details are required to be given
information in accordance with the provisions of Section 2I7(2A) of the
Companies Act, 1956 (the Act), read with the Companies (Particulars of
Employees) Rules, 1975.
ACKNOWLEDGEMENTS
The Board wishes to place on record its sincere appreciation for the
assistance and co-operation received from Bankers. Government
Departments and other Business Associates for their continued support
towards the conduct of operations of the Company efficiently.
The Directors express their gratitude to the shareholders for their
continuing confidence in the Company. The Directors also acknowledge
the hard work and persuasive efforts put in by the employees of the
Company in carrying forward Company.
For and on behalf of the Board of Directors
-Sd-
Place: Mumbai Madhu Sharma
Date: 30.05.2014 Director
DIN: 01833305
Mar 31, 2012
To the Shareholders,
The Directors take pleasure in presenting the Annual Report and the
audited accounts of the Company for the year ended 31st March 2012.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March
2012 is summarised below:
(Rs. in Lacs)
Particulars 2011-12 2010-11
Sales and Other Income 78.18 759.11
Profit before Depreciation and Tax (17.15) 382.05
Depreciation 0.03 0.05
Profit / (Loss) before Tax (17.18) 382.00
Provision for Tax 3.00 68.00
Profit / (Loss) after Tax (20.18) 314.00
Add: Profit brought forward from previous year 387.36 73.36
Balance Carried to Balance Sheet 367.18 387.36
RESULTS OF OPERATIONS
During the year your Company has achieved total revenue of Rs.78.18
Lacs as compare to Rs.759.11 Lacs in the corresponding previous
financial year and the Company has incurred net loss of Rs.20.18 Lacs
as compared to net profit of Rs.314.00 Lacs in the corresponding
previous financial year.
DIVIDEND
In order to conserve the reserves to meet the needs of increased
operation of the Company, the Board of Directors has decided not to
declare dividend for the year.
CHANGES IN THE CAPITAL STRUCTURE
During the year, with the approval of the Shareholders the Authorised
Capital of Company was increased to Rs.20,00,00,000 which is divided
into 2,00,00,000 Equity Shares of Rs.10 each.
PREFERENTIAL ISSUE:
During the financial year pursuant to shareholders approval at Annual
General Meeting held on 27th September, 2011 the Board of Director have
allotted 4,75,000 Equity Shares of Rs.10 each at premium of Rs.195 each
to certain investors and consequently, the Paid-up capital increased
from Rs.20,00,000 to Rs.67,50,000.
BONUS ISSUE:
Pursuant to approval of Shareholders at Extra Ordinary General Meeting
held on 21st March, 2012 the Board of Directors has allotted
1,28,25,000 Fully Paid Equity Shares of Rs.10 as Bonus Shares in the
Ratio of 19 Equity Shares for every one Share held as on Record Date
i.e.14th April, 2012.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits from the public and is
therefore not required to furnish information in respect of outstanding
deposits under Non-Banking Financial Companies (Reserve bank)
Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.
BOARD OF DIRECTORS AND CHANGE IN MANAGEMENT:
i). Composition of Board of Directors:
The Board comprises of four Directors, of which two are Independent
Directors. Mr. Dilip Lodha was appointed as the Managing Director of
the Company, with effect from 12th May, 2012 as approved by
shareholders.
ii). Changes during the Financial Year:
Mr. Ramavtar Sharma who was appointed as Additional Director of the
Company w.e.f. 19th October, 2011. Mr. Sharma resigned as Director of
the Company w.e.f. 13th February 2012. Mr. Dilip Lodha was appointed as
Additional Director on 13th February 2012 and subsequently appointed as
Managing Director of the Company w.e.f. 12th May, 2012 with the
approval of Shareholders at Extra Ordinary General Meeting held on 12th
June, 2012.
CORPORATE GOVERNANCE:
The Company has adopted to follow the requirements of Corporate
Governance as stipulated under clause 49 of the Equity Listing
Agreement of Stock Exchange and accordingly, the Report on Corporate
Governance forms part of the Annual Report.
The requisite Certificate from the Auditors of the Company M/s. Satish
Soni & Co., regarding compliance with the conditions of Corporate
Governance as stipulated in Clause 49 is annexed to this Report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors' Responsibility Statement, it is
hereby confirmed:
1. that in 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
loss of the Company for the year under review;
3. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors had prepared the annual accounts for the year
under review, on a 'going concern' basis.
AUDITORS:
During the year M/s. Satish Soni & Co., Chartered Accountants, Mumbai,
was appointed as Statutory Auditor of the Company to fill the casual
vacancy caused by resignation of existing Statutory Auditors of the
Company. M/s. Satish Soni & Co., Chartered Accountants, Mumbai, will
retire at the ensuing Annual General Meeting. The Company has received
certificate from the Auditors to the effect that their appointment, if
made would be within the prescribed limits under section 224 (1-B) of
The Companies Act, 1956. Your Directors recommends Re-appointment of
Satish Soni & Co., Chartered Accountants, Mumbai, as Statutory Auditors
of the Company.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION:
Considering the nature of the Business of your Company there are no
particulars which are furnished in this report relating to conservation
of energy and technology absorption.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Foreign Exchange earnings and outgo of the Company for year under
review amounted to Rs. Nil.
PARTICULARS OF EMPLOYEES
There are no employees whose details are required to be given
information in accordance with the provisions of Section 217(2A) of the
Companies Act, 1956 (the Act), read with the Companies (Particulars of
Employees) Rules, 1975.
ACKNOWLEDGEMENTS
The Board wishes to place on record its sincere appreciation for the
assistance and co-operation received from Bankers, Government
Departments and other Business Associates for their continued support
towards the conduct of operations of the Company efficiently.
The Directors express their gratitude to the shareholders for their
continuing confidence in the Company. The Directors also acknowledge
the hard work and persuasive efforts put in by the employees of the
Company in carrying forward Company.
For and on behalf of the Board of Directors
Sd/-
Place: Mumbai Dilip Lodha
Date: 31.08.2012 Managing Director
Mar 31, 2011
The Directors take pleasure in presenting the Annual Report and the
audited accounts of the Company for the year ended 31sl March 2011.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March
2011 is summarized below:
(Amt.in Rupees)
Particulars 2010-11 2009-10
Sales and Other Income 7,58,84,591.00 24,09,236.00
Profit before Depreciation
and Tax 3,82,03,539.00 9,59.227.00
Depreciation 2,861.00 6,620.00
Profit before Tax 3,82,00,678.00 9,52,607.00
Provision for Tax 68,00,000.00 1,50,000.00
Provision for Deferred Tax 0.00 0.00
Prior Year Tax Adjustment 0.00 0.00
Profit After Tax 3,14,00,678.00 8,25,907.00
Add: Profit brought
forward from previous year 73,35,546.00 65,09,639.00
Balance Carried to Balance
Sheet 3,87,36,224.00 73,35,546.00
RESULTS OF OPERATIONS
Total revenue of the Company for the financial year is
Rs.7,58,84,591.00/- as compare to Rs.24,09,236.00/- in the
corresponding previous year and the Company has achieved a net profit
of Rs.3,14,00,678.00/-as compared to Rs.8,25,907.00/- in the
corresponding previous year.
REVOCATION OF SUSPENSION AT THE BOMBAY STOCK EXCHANGE LIMITED
The Company has complied with the all listing requirements of the
Bombay Stock Exchange Limited and paid all Listing fees, accordingly,
vide letter dated 25th July, 2011 trading the shares of the Company is
resumed from 29th July 2011.
DIVIDEND
In order to conserve the reserves to meet the needs of increased
operation of the Company, the Board of Directors has decided not to
declare dividend for the year.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits from the public and is
therefore not required to furnish information in respect of outstanding
deposits under Non-Banking Financial Companies (Reserve bank)
Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.
BOARD OF DIRECTORS
The Board comprises of Three Directors and all of which are
Non-Executive. Mr. B.L. Sharma is Director liable to retire by rotation
and is being eligible offers himself re-appointment.
CORPORATE GOVERNANCE
The Company has adopted to follow the requirements of Corporate
Governance as stipulated under clause 49 of the Equity Listing
Agreement of Stock Exchange and accordingly, the Report on Corporate
Governance forms part of the Annual Report.
The requisite Certificate from the Auditors of the Company M/s. Sanjay
B. Sharma & Co regarding compliance with the conditions of Corporate
Governance as stipulated in Clause 49 is annexed to this Report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 2I7(2AA) of the Companies
Act, 1956 with respect to Directors' Responsibility Statement, it is
hereby confirmed:
1. that in 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 of the Company for the year under review;
3. that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
4. that the Directors had prepared the annual accounts for the year
under review, on a 'going concern' basis.
AUDITORS
The Auditors M/s. Sanjay B. Sharma & Co., Chartered Accountants, retire
at the ensuing Annual Genera) Meeting of the Company and, being
eligible, have offered themselves for re- appointment. The Audit
Committee and Board of Directors recommend the re-appointment of M/s.
Sanjay B. Sharma & Co.,' Chartered Accountants, as Statutory Auditors
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION:
Considering the nature of the Business of your Company there are no
particulars which are furnished in this report relating to conservation
of energy and technology absorption.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Foreign Exchange earnings and outgo of the Company for year under
review amounted to Rs. Nil.
PARTICULARS OF EMPLOYEES
There are no employees whose details are required to be given
information in accordance with the provisions of Section 217(2A) of the
Companies Act, 1956 (the Act), read with the Companies (Particulars of
Employees) Rules, 1975.
ACKNOWLEDGEMENTS
The Directors thank the Company's customers, vendors, investors,
business associates and bankers for the support to the Company. The
Directors also thank the Government, Statutory and Regulatory
authorities.
The Directors appreciate and value the contributions made by every
employee of the Company.
For and on behalf of the Board of Directors
Place: Mumbai
Date: 23.08.2011 Chairman
Mar 31, 2010
The directors have the pleasure in presenting the annual report
together with the Audited Statements of Accounts of the Company for the
year ended on 31st March, 2010.
BUSINESS
Your Directors Report that during the period the company has
satisfactory performance to business activity.
AUDITORS
M/s. Sanjay B. Sharma & Co. Cliartered Accountants, retire and are
eligible for Re- appointment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956 your Directors Confirm:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed by the Company along with
proper explanation relating to material departures, if any.
2. That the Director have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period.
3. That the directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the annual accounting on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO
Pursuant of section 217(l)(e) of the Companies Act, 1956 read with the
companies (Disclosure and Particulars in the report of Board of
Directors ) Rule,1988 relating to the Conservation of Energy,
Technology Absorption, and Foreign earning and outgo is NIL.
For M/s. SHREE SHALEEN TEXTILES LTDV
Place: Mumbai
Date: 06th September, 2010
DIRECTOR
For SHREE SHALEEN TEXTILES LTD.
Mar 31, 2009
The directors have the pleasure in presenting the Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended on 31st March, 2009
Financial Result:
The Company made a good performance during the year which is reflected
in the summary of result as under:
Particulars For the Year For the
ended year ended
31-03-2009 31-03-2008
Turnover 4,85,84,612 6,35,41,695
Profit/Loss before depreciation 5,59,439 25,09,47
Less: Depreciation 10,601 524
Net Profit before tax 5,48,838 25,08,883
ADD/LESS Adjustment for the Prev. year - -
Less : Provision for Income Tax - 5,20,000
Net Profit 5,48,838 19,88,883
Add/Less : Profit/(Deficit) brought
down from previous 72,71,949 53,95,826
year;
Profit available for appropriation 78,20,786 73,84,709
Appropriation 13,06,371 1,12,760
Carried to Balances Sheet 65,14,416 72,71,949
Operations:
The Company has shown in this year a profit of Rs. 5,48,838/- before
tax as against profit of Rs. 19,88,883/- in last year.
BUSINESS
Your Directors Report that during the period the company has
satisfactory performance to business activity.
AUDITORS
M/s. Sanjay B. Sharma & Co. Chartered Accountants, retire and are
eligible for Re- appointment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956. your Directors Confirm:
1. that in the preparation of the annual accounts, the applicable
accounting standards have been followed by the Company along with
proper explanation relating to material departures, if any.
2. that the Director have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period.
3. that the directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
4. that the Directors have prepared the annual accounting on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
& OUTGO
Pursuant of section 217(l)(e) of the Companies Act, 1956 read with the
companies (Disclosure and Particulars in the report of Board of
Directors ) Rule,1988 relating to the Conservation of Energy,
Technology Absorption, and Foreign earning and outgo is NIL.
For M/s. SHREE SHALEEN TEXTILES LTD.
DIRECTOR
Place: Mumbai
Date: 18th September, 2009