Mar 31, 2015
Dear Shareholders,
The Directors have pleasure in presenting the Twenty Sixth Annual
Report on the working of the Company along with the audited Balance
Sheet and Profit Loss Account for the year ended 31st March 2015.
FINANCIAL RESULTS
(in Rs.)
Particulars 2014-2015 2013-2014
Total Income 83,15,500.00 1,22,68,310.00
Less : Depreciation 26,87,340.00 9,04,386.00
Profit after depreciation but
before tax (PBT) 13,84,916.00 3,87,912.00
Less : Taxes 2,63,896.00 73,779.00
Net profit / (loss) for the period 11,21,020.00 3,13,413.00
No. of Shares 7359200 7359200
EPS 0.15 0.04
Proposed Dividend 0.00 0.00
Dividend tax 0.00 0.00
Balance of Profit Carried to B/S 11,21,020.00 3,13,413.00
DIVIDEND
No dividend has been recommended for the year.
TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES
ACT, 2013
The board does not proposed any amount to carry to any specific
reserves.
OPERATIONS as STATE OF COMPANY'S AFFAIRS
During the year under review, your company had made a turnover of
Rs.83.15 lakhs and resulting Net profit of Rs.11.21 lakhs as compared
with the previous year as Rs.122.68 lakhs and Rs.3.13 lakhs
respectively.
CHANGES IN NATURE OF BUSINESS
There is no significant changes had been made in the nature of the
company during the financial year
MATERIAL CHANGES AND COMMITMENTS OCCURRED BETWEEN THE DATE OF BALANCE
SHEET AND THE DATE OF AUDIT REPORT
No significant material changes and commitments have occurred between
the date of the balance sheet and the date of the audit report
SIGNIFICANT AND MATERIAL ORDERS PASSED BY
REGULATORS/COURTS/TRIBUNALS
There are no significant and material orders passed by
Regulators/Court/Tribunals against the company.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL
STATEMENTS
The Company has in place proper and adequate internal control systems
commensurate with the nature of its business, size and complexity of
its operations. Internal control systems comprising of policies and
procedures are designed to ensure liability of financial reporting,
timely feedback on achievement of operational and strategic goals,
compliance with policies, procedure, applicable laws and regulations
and that all assets and resources are acquired & economically used.
FUTURE PLAN
The Company is planning to start new business in highly potential
market for which it has augmented efforts with core team.
Subsidiaries / Joint Ventures
There are no subsidiaries and Joint venture Companies.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
A.CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Energy conservation is being given top priority and the Company
monitors the energy costs and reviews the consumption of energy on a
regular basis.
B. FOREIGN EXCHANGE EARNING AND OUTGO
There was no foreign exchange expenses and income during the year.
MANAGERIAL REMUNERATION
1. Details of Managerial Remuneration required to be Disclosed in
Boards Report as per Section 197(2) of the Companies Act 2013 and read
with Rule 5(1) of the Companies Appointment and Remuneration of
Managerial Personnel) Rules, 2014:-
Designation Remuneration
Name of the Paid in FY
Director 2014-2015 (in
Rs)
V K Balaji Independent NIL
Director
N Neelakanda Managing NIL
Pillai Director
Muralikrishnan Independent NIL
Director
Santhi Independent NIL
Director
*G Independent NIL
Manivannan Director
**K Karthik Company 20,000
Secretary
***G Company 3,62,500
Guruswami Secretary
Raj
Name of the
Director Remuneration % increase of Ratio/Times
Paid in FY remuneration per Median
in 2015 as of employee
2013-2014 compared to remuneration
2014
previous year
V K Balaji NIL NA NA
N Neelakanda NIL NA NA
Pillai
Muralikrishnan NIL NA NA
Santhi NIL NA NA
*G Manivannan NIL NA NA
**K Karthik NIL NIL NIL
***G Guruswami Raj NIL NIL NIL
*On 31st May 2014 Mr. G Manivannan(DIN 02611543) Director of the
Company had resigned from the Board
** Mr. K Karthik resigned on 29th April 2014 from the post of Company
Secretary of the Company.
***Mr. G Guruswami Raj was appointed as Company Secretary on 10th
November 2014.
There is no employee who is withdrawing remuneration more than 60 Lacs
per annum, more than 5 Lacs per month and more than remuneration of
Managing Director or Whole Time Director
- No of permanent employees on the rolls as on 31st March 2015 is 5.
- The board confirms that the remunerations paid to the directors is as
per the remuneration policy.
2. STATEMENT OF PARTICULARS OF EMPLOYEES PURSUANT TO PROVISIONS OF
SECTION 197(12) OF THE COMPANIES ACT 2013 READ WITH RULE 5(2) And RULE
5 (3) of COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
C. Employed throughout the year and in receipt of remuneration in
aggregate of not less than Rs. 60 Lakhs per annum
- None -
B. for part of the year and in receipt of remuneration of more than
Rs. 5 Lakhs per month
- None -
C. If employed throughout the FY or part thereof, was is in receipt of
remuneration in excess of that drawn by the Managing Director or WTD or
Manager and holds himself or along with his spouce and dependent
children, not less than 2% of equity shares of the Company.
- None -
RISK MANAGEMENT POLICY
The risk management policy of the company rectifies the risk and
controlling mitigating factors. The risk as identified by the company
does not threaten the existence of the company
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm:
1. That in the preparation of Annual Accounts for the year ending 31st
March 2015, the applicable Accounting Standards have been followed and
no material departures have been made from the same.
2. That they 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 for that period.
3. That they 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
preventing and detecting fraud and other irregularities.
4. That they have prepared the annual accounts on the 'going concern'
basis
5. The Directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and are operating effectively
6. The Directors had devised proper system to ensure that systems to
ensure compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively
DETAILS OF MEETINGS OF THE BOARD OF DIRECTORS & SHAREHOLDERS
The Board met 9 (Nine times) on the following dates during the
financial year 2014 -15
Date of Board Main Agenda discussed
meeting
29th April 2014 Acceptance of Resignation of Mr. Karthik,
from the post of Company Secretary of the
Company
16th May 2014 Adoption of Audited Financial Results for the
year ended 31st March 2015
31st May 2014 Resignation of Mr. G Manivannan from
Directorship of the Company
08th July 2014 Unaudited quarterly Results adopted for the
quarter ended 30th June 2014
09th October 2014 Unaudited quarterly Results adopted for the
quarter ended 30th Sep 2014
10th Nov 2014 Adoption of AGM Notice
Appointment of Mr. Guruswami as Company
Secretary of the company
18th Dec 2014 25th Annual General Meeting held & Board
met and discussed the review of AGM
transactions
12th Feb 2015 Unaudited quarterly Results adopted for the
quarter ended 31st Dec 2014
31st March 2015 Appointment of Ms. Santhi as Independent
Women Director
CORPORATE GOVERNANCE:
A report on Corporate Governance, pursuant to clause 49, is annexed
hereto and forms part of this report. A certificate from M/s. Kannan &
Alamelu, Chartered Accountants, Statutory Auditors of the Company
regarding compliance of conditions of corporate governance stipulated
by the stock exchanges is annexed to this report.
ANNUAL RETURN
An extract of Annual Return as on 31 March 2015 pursuant to Section 92
( 3) of the Companies Act, 2013 and forming part of the report is
attached separately as Annexure-A
CODE OF CONDUCT
The Company has adopted a code of conduct for the Board of Directors
and senior management of the Company and all of them have affirmed
compliance of the same.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
In accordance with the listing agreement, the Management Discussion and
Analysis Report is annexed hereto and forms part of this report.
AUDIT COMMITTEE
Your company has complied with the provisions of Section 177 of the
Companies Act, 2013 as to constitution of Audit Committee with Mr.
MuraliKrishnan and Mr. N. Neelakanda Pillai are being members of the
said committee. Mr. V K Balaji being the Chairman of the committee. The
committee met four times during the year. Ms..Santhi was inducted into
the committee on 31st March 2015 after her appointment in the board.
PUBLIC DEPOSIT
The Company has not accepted any deposit from the public during the
year under review.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT 2013
The Company has not made any loans and Investments and has not given
any guarantees as per the provisions of section 186 of the Companies
Act, 2013 during the financial year:-
S.No Loan/Guarantee/ Date of Name of Company Amount
Investment Transaction
NIL NIL NIL NIL NIL
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES.
All Contracts/arrangements/transactions entered by the company during
the financial year 2014- 15 with related parties were in the ordinary
course of business and on an arm's length basis. During the year, the
Company has not entered into any contracts/arrangements/transactions
with related parties which would be considered material. Details given
in the Annexure-E
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORORATE SOCIAL RESPONSIBILITY INITIATIVES.
The Companies Act, 2015 lays down a mandatory provision wherein every
company having
- Net worth of rupees five hundred crore or more, or
- Turnover of rupees one thousand crore or more or
- Net profit of rupees five crore or more
during any financial year, shall constitute a Corporate Social
Responsibility Committee of the Board consisting of three or more
directors, out of which at least one director shall be an independent
director. As the said provisions are not applicable to the company, it
has not developed and implemented any Corporate Social Responsibility
initiatives.
FORMAL ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD AND ITS COMMITTEES
The manner in which the formal evaluation of the members of both the
board and various committees constituted by the company has been
covered in the "Corporate Governance Report" to this report.
The following policies relating to appointment of Directors, payment of
Managerial remuneration, Directors' qualifications, positive
attributes, independence of Directors and other related matters as
provided under Section 178(3) of the Companies Act, 2013 of the company
are attached for
(a) Policy relating to selection of directors appointment. -Annexure -C
(B) Remuneration Policy for directors, Key Managerial Personnel and
other employees.- Annexure-D
LISTING
The Shares of your company is presently listed in the Bombay Stock
Exchange (BSE).
DIRECTORS
a. Resignation:
On 31st May 2014 Mr. G Manivannan(DIN 02611543) Director of the Company
had resigned from the Board.
b. Appointment
On 31st March 2015, Ms. Santhi(DIN 07145742) was inducted into the
Board as Additional Director. Her candidature is being proposed by a
member for the office of Director as Independent Women Director, which
will be considered by the shareholders at the ensuing Annual General
Meeting of the Company.
Pursuant to the provisions of Section 149 (6) of the Act, Mr.V.K.Balaji
(DIN No 00084412), Mr. V. Murali Krishnan(DIN No. 05312102) and Ms.
Santhi(DIN 07145742) the Independent Directors of the Company have
submitted their declaration that each of them meets the criteria of
independence as provided in Section 149(6) of the Act and there has
been no change in the circumstances which may affect their status as
independent director during the year 2014-2015.
AUDITORS
The Statutory Auditor M/s. Kannan & Alamelu was appointed at the 25th
Annual General Meeting held on 19th December 2014 as Statutory Auditor
for the period of 4 years which will be ratified by the Members at the
ensuing Annual General Meeting.
The Board has appointed Mr.P Thirumalaikumar, Practicing Company
Secretary to conduct Secretarial Audit for the financial year 2014-15.
The Secretarial Audit report for the financial year ended March 31,
2015 is annexed herewith in Annexure-B.
AUDITORS REPORT
Auditors had not made any qualification or did not make any adverse
remark in their report regarding financial statements. Therefore, there
is no need for any clarification or any comment on Auditors report.
The observations mentioned in the Secretarial Audit Report by the
Secretarial Auditor are self explanatory.
SHARE CAPITAL
During the financial year, the Company had not issued any Equity Shares
with Differential rights, any Sweat Equity Shares and any Employee
Stock Options.
POLICY FOR SELECTION OF DIRECTORS AND DETERMINING DIRECTORS'
INDEPENDENCE
1) Introduction
a) The Company i.e., M/s. Southern Latex Limited (SLL ) believes that
an enlightened Board consciously creates a culture of leadership to
provide a long-term vision and policy approach to improve the quality
of governance.
Towards this, SLL ensures constitution of a Board of Directors with an
appropriate composition, size, diversified expertise and experience and
commitment to discharge their responsibilities and duties effectively.
b) SLL recognizes the importance of Independent Directors in achieving
the effectiveness of the Board. SLL aims to have an optimum combination
of Executive, Non-Executive and Independent Directors.
2) Scope and Exclusion
a) This Policy sets out the guiding principles for the Nomination and
Remuneration Committee for identifying persons who are qualified to
become Directors and to determine the independence of Directors, in
case of their appointment as independent directors of the Company.
3) Terms and References
In this Policy, the following terms shall have the following meanings:
a) Director" means a director appointed to the Board of a company.
b) Nomination and Remuneration Committee" means the committee
constituted by SLL's Board in accordance with the provisions of Section
178 of the Companies Act, 2013 and Clause 49 of the Equity Listing
Agreement.
c) Independent Director" means a director referred to in subsection (6)
of Section 149 of the Companies Act, 2013 and Clause 49(II)(B) of the
Equity Listing Agreement.
4) Policy
d) Qualifications and criteria
i) The Nomination and Remuneration (NR) Committee, and the Board, shall
review on an annual basis, appropriate skills, knowledge and experience
required of the Board as a whole and its individual members. The
objective is to have a Board with diverse background and experience
that are relevant for the Company's global operations.
ii) In evaluating the suitability of individual Board members, the NR
Committee may take into account factors, such as:
- General understanding of the Company's business dynamics, global
business and social perspective;
- Educational and professional background
- Standing in the profession;
- Personal and professional ethics, integrity and values;
- Willingness to devote sufficient time and energy in carrying out
their duties and responsibilities effectively.
iii) The proposed appointee shall also fulfill the following
requirements:
- Shall possess a Director Identification Number;
- Shall not be disqualified under the Companies Act, 2013;
- Shall give his written consent to act as a Director;
- Shall endeavour to attend all Board Meetings and wherever he is
appointed as a Committee Member, the Committee Meetings;
- Shall abide by the Code of Conduct established by the Company for
Directors and Senior Management Personnel;
- Shall disclose his concern or interest in any company or companies or
bodies corporate, firms, or other association of individuals including
his shareholding at the first meeting of the Board in every financial
year and thereafter whenever there is a change in the disclosures
already made;
- Such other requirements as may be prescribed, from time to time,
under the Companies Act, 2013, Equity Listing Agreements and other
relevant laws.
iv) The NR Committee shall evaluate each individual with the objective
of having a group that best enables the success of the Company's
business.
e) Criteria of Independence
I) The NR Committee shall assess the independence of Directors at the
time of appointment / re-appointment and the Board shall assess the
same annually. The Board shall re-assess determinations of independence
when any new interests or relationships are disclosed by a Director.
II) The criteria of independence, as laid down in Companies Act, 2013
and Clause 49 of the Equity Listing Agreement, is as below:
An independent director in relation to a company, means a director
other than a managing director or a whole- time director or a nominee
directorÂ
- who, in the opinion of the Board, is a person of integrity and
possesses relevant expertise and experience;
- who is or was not a promoter of the company or its holding,
subsidiary or associate company;
- who is not related to promoters or directors in the company, its
holding, subsidiary or associate company;
- who has or had no pecuniary relationship with the company, its
holding, subsidiary or associate company, or their promoters, or
directors, during the two immediately preceding financial years or
during the current financial year;
- none of whose relatives has or had pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company, or their promoters, or directors, amounting to two per cent or
more of its gross turnover or total income or fifty lakh rupees or such
higher amount as may be prescribed, whichever is lower, during the two
immediately preceding financial years or during the current financial
year; who, neither himself nor any of his relativesÂ
I. holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial years immediately
preceding the financial year in which he is proposed to be appointed;
II. is or has been an employee or proprietor or a partner, in any of
the three financial years immediately preceding the financial year in
which he is proposed to be appointed, ofÂ
A. a firm of auditors or company secretaries in practice or cost
auditors of the company or its holding subsidiary or associate company;
or
B. any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten per cent or more of the gross turnover of such firm;
III. holds together with his relatives two per cent or more of the
total voting power of the company; or
IV. is a Chief Executive or director, by whatever name called, of any
non-profit organisation that receives twenty-five per cent or more of
its receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
V. is a material supplier, service provider or customer or a lessor or
lessee of the company.
- shall possess appropriate skills, experience and knowledge in one or
more fields of finance, law, management, sales, marketing,
administration, research, corporate governance, technical operations,
corporate social responsibility or other disciplines related to the
Company's business.
- shall possess such other qualifications as may be prescribed, from
time to time, under the Companies Act, 2013.
- who is not less than 21 years of age.
The Independent Directors shall abide by the "Code for Independent
Directors" as specified in Schedule IV to the Companies Act, 2013.
Other directorships / committee memberships
4.3.1 The Board members are expected to have adequate time and
expertise and experience to contribute to effective Board performance.
Accordingly, members should voluntarily limit their directorships in
other listed public limited companies in such a way that it does not
interfere with their role as directors of the Company. The NR
Committee shall take into account the nature of, and the time involved
in a Director's service on other Boards, in evaluating the suitability
of the individual Director and making its recommendations to the Board.
4.3.2 A Director shall not serve as Director in more than 20 companies
of which not more than 10 shall be Public Limited Companies.
4.3.3 A Director shall not serve as an Independent Director in more
than 7 Listed Companies and not more than 3 Listed Companies in case he
is serving as a Whole-time Director in any Listed Company.
4.3.4 A Director shall not be a member in more than 10 Committees or
act as Chairman of more than 5 Committees across all companies in which
he holds directorships. For the purpose of considering the limit of the
Committees, Audit Committee and Stakeholders' Relationship Committee of
all Public Limited Companies, whether listed or not, shall be included
and all other companies including Private Limited Companies, Foreign
Companies and Companies under Section 8 of the Companies Act, 2013
shall be excluded.
For & On behalf of Board of Directors
N. Neelakanda Pillai MuraliKrishnan
Managing Director Director
DATE : 27.11.2015.
PLACE: CHENNAI
Mar 31, 2014
Dear Members,
The Directors are pleased to present the 25th Annual Report and the
Company''s audited accounts for the financial year ended March 31,2014.
Financial results
(Amount in Rs)
Particulars 2014 2013
Total Income 1,22,68,310 1,83,50,933
Total Expenditure 1,18,81,118 1,66,37,125
Profit/(Loss) before taxes 3,87,192 17,13,808
LESS:
Provision for Current Tax,
Deferred Tax, FBT 73,779 -
Profit / (Loss) after Tax 3,13,413 17,13,808
Results of Operations
During the year under review, your Company had made a turnover of Rs.
1,22,68,310 as compared to Rs. 1,83,50,933 of previous year and had
made a profit after tax of Rs.3,13,413 as compared to Rs. 17,13,808 in
the previous year.
Business Updates
During the year under review, the Company had made a sale of Rs.
1,22,68,310 and achieved a Net Profit after Tax of Rs.3,13,413.
During the year under review, the Company had disposed of some its
fixed assets.
The Company is planning to venture into new business opportunities and
diversify its operations in future. Subsidiaries / Joint Ventures:
There are no Subsidiaries and Joint Venture company.
Dividend
In view of accumulated loss, the Board of Directors have not
recommended dividend to the shareholders for the financial year
2013-2014.
Corporate Governance
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI. The Company has also implemented several best corporate
governance practices. The Report on corporate governance as stipulated
under Clause 49 of the Listing Agreement forms part of the Annual
Report. The requisite certificate from the Auditors of the Company
conforming compliance with the conditions of corporate governance as
stipulated under the aforesaid Clause 49 is attached to the Report on
corporate governance.
Directors
Presently the Board of your Company consists of three Directors of
which two are Independent Non-Executive Directors, in compliance with
Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited.
Mr. G Manivannan (DIN: 02611543), Director of the Company had resigned
from the Board w.e.f. 31 /05/2014.
In accordance with the provisions Section 152 of the Companies Act,
2013 and the Articles of Association of the Company, Mr. N.Neelakanda
Pillai DIN: 00084550), Director, retiring by rotation at the ensuing
Annual General Meeting, is eligible for re-appointment.
Pursuant to Section 149 and other applicable provisions of the
Companies Act, 2013, your Directors are seeking the appointment of
Mr.V.K. Balaji (DIN:00084412), and Mr. Muralikrishnan, (DIN: 05312102)
as Independent Directors of your Company for five consecutive years
from 18th December, 2014.
The Company has received declarations from all the Independent
Directors of the Company conforming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with Bombay Stock Exchange Limited.
Details of the proposal along with necessary resolutions for the
appointment / re-appointment of the aforesaid Directors have been
included in the Notice convening the ensuing AGM and Explanatory
Statement under Section 102 of the Companies Act, 2013.
Fixed deposits
During the year, your Company did not accept/renew any deposits within
the meaning of Section 58A of the Companies Act, 1956 and the rules
made there under.
Particulars of employees
No employee of the Company was in receipt of remuneration exceeding the
amount prescribed under Section 217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employees) Rules, 1975, during
the financial year 2013-2014.
Management''s Discussion and Analysis Report
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with Bombay
Stock Exchange Limited, is presented in a separate section forming part
of the Annual Report.
Auditors and Auditors'' Report
M/s. Kannan &Alamelu, Chartered Accountants, Chennai, (Firm Regn.No.
009087S) Statutory Auditors of the Company, retires at the ensuing
Annual General Meeting and has confirmed their eligibility and
willingness to accept office, if re-appointed.
The Company has received a confirmation from M/s. Kannan & Alamelu
Chartered Accountants, (Firm Regn.No. 009087S) to the effect that
their appointment, if made, would be within the limits prescribed under
Section 139 of the Companies Act, 2013. The Audit Committee and Board
of Directors recommend the re-appointment of M/s. Kannan & Alamelu
Chartered Accountants, (Firm Regn.No. 009087S) as Statutory Auditors of
the Company.
Information under Section 217(1) (e) of the Companies Act, 1956
A. Conservation of energy
Energy conservation is being given top priority and the Company
monitors the energy costs and reviews the consumption of energy on a
regular basis.
B. Technology absorption
Not applicable.
C. Foreign exchange earnings and outgo
There was no foreign exchange earnings and outgo during the year
2013-2014.
Directors'' Responsibility Statement
In accordance with the provisions of Section 217 (2AA) of the Companies
Act, 1956, the Board of Directors affirms:
(a) That in the preparation of the Accounts for the year ending March
31, 2014 the applicable Accounting Standards were followed and there
are no material departures there from.
(b) That the accounting policies have been selected and applied
consistently and have made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as on March 31,2014 and of the loss of the Company for
the year ended on that date.
(c) That proper and sufficient care was taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(d) That the accounts for the year ended March 31,2014 were prepared on
a ''going concern'' basis.
Acknowledgments
Your Directors place on record their sincere appreciation for the
assistance and guidance provided by the government, regulators, stock
exchanges, other statutory bodies and Company''s bankers for the
assistance, cooperation and encouragement extended to the Company. Your
Company''s employees are instrumental in your Company scaling new
heights, year after year. Their commitment and contribution is deeply
acknowledged. Your involvement as shareholders is also greatly valued.
Your Directors look forward to your continuing support.
For and on behalf of the Board
Place: Chennai N.Neelakanda Pillai
Date: 10.11.2014 Managing Director.
Mar 31, 2013
We have pleasure in presenting the 24th Annual Report of the company
along with the audited statements of accounts for the year ended 31*
March, 2013.The financial results are shown below.
FINANCIAL RESULTS Amount In Rs )
2012-2013 2011-2012
Tota, Income 1,83,50,933 2,15,22,560
Expenditure 1,66,37,125.40 1,89,72,378
Profit before interest,
depreciation and 29,91,346 35,05,824
taxes
Depreciation 12,72,371
ProfiV(Loss) before Tax 17,13,807.60 25,50,182
Less: Provision for
Current Tax Nil Nil
Deferred Tax Nil Nil
Fringe Benefit Tax
Profitless) after Tax 17,13,807.60
- Add: Loss brought forward
from previous (3,59,73,724)
year
Loss transferred to
Balance sheet (3,42,59,916.40) (3,59,73,724)
Your Company has made a turnover of Rs. 1,83,50,933/- as compared to Rs
2 15 22,560/- of previous year and has made a Profit after Tax of the
Rs. 17,13,807.60 /- as compared to Rs.25,50,182/- in the previous year.
BUSINESS PROSPECTS
The Company has recovered itself from the sickness status and has
recovered its losses up ¦ to a extent Now It is successfully running
its operations and after a long time is able to achieve ail its
objectives and during the year sales of the company is Rs.
1,83,50,933/- and the company has achieved a net profit after tax of
Rs. 17,13,807.60/- ¦
The Company is looking for a strong future ahead and targeting the
growth in upcoming year. Accordingly the profit would also increase
considerably. It future aim is to improve its " financial position.
FIXFD DEPOSITS
Your Company has not accepted any deposits from public or its employee
during the year under review.
DIVIDEND
In view of accumulated loss, your directors have not recommended any
dividend during the. "year under report.
SUBSIDIARIES / .IOINT VENTURFR
There are no Subsidiaries and Joint Venture Company.-
INSURANCE
All insurable interests of the Company including buildings, furniture
and fixtures and other insurable interest are adequately insured.
STATUTORY STATFMFNTS
1. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings And Outgo a
Pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 the required particulars are furnished below.
2. Conservation of energy:
Energy conservation continues to receive utmost priority and the
Company monitors energy costs and reviews the consumption of energy on
a regular basis .The Company wherever necessary also initiates
appropriate measures to reduce consumption of electricity, including
using Generator. '' a
3. Technology Absorption
The relevant particulars relating to technology absorption in terms of
Rule 2 of the Companies {Disclosure of Particulars in the Report of the
Board of Directors) Rules, 1988 is not applicable.
4. Research and Development:
Not Applicable
5. Foreign exchange earnings and outgo:
There are no foreign exchange earning and outgo during the year under
review. PARTICULARS OF F.MPLOYEES
During the year under review, there were no employees covered under
Section 217(2A) of the Companies Act 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
The Board of Directors wishes to express ''its appreciation to all the
employees of the Company for their outstanding contribution to the
operation of Company during the year.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement u/s 217(2AA) of the Companies Act, 1956
with respect to Directors Responsibility Statement your Directors to''
the best of their knowledge and belief confirm that
(i) in the preparation of the annual accounts, the applicable
Accounting Standards have been followed;
(ii) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give 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 that period;
(iii) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Act so as to safeguard the assets of the Company and to prevent and
detect fraud and other irregularities; and
(iv) they have prepared the annual Accounts on a going Concern basis
INTERNAL CONTROLS AND THEIR ADEQUACY:
The internal control systems are commensurate to the size of the
operation of the Company. Whenever it is required, the systems and
procedures are upgraded to suit the changing business needs.
CORPORATE GOVERNANCE
A separate report on Corporate Governance is enclosed as a part of this
Annual Report. A certificate from the Auditors of the Company regarding
compliance with Corporate Governance norms stipulated under Clause 49
of the Listing Agreement is annexed to the Report on Corporate
Governance.
DIRECTORS
In compliance with the provisions of the Companies Act, 1956 and
Company''s Articles of Association, Mr.G.Manivannan is liable to retire
by rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment.
Brief resume of the Directors, seeking re-appointment, nature of their
expertise as stipulated under clause 49 of the listing agreement with
inter alia the Bombay Stock Exchange, is ¦ appended to the notice
convening the Annual General Meeting.
AUDITORS & AUDITORS REPORT
M/s O.S.Hariharan & Co..Chartered Accountants.retires as statutory
auditors of the company at the ensuing Annual General Meeting and they
have expressed unwillingness for reappointment as statutory
auditors.The Board and Audit Committee recommend the appointment of M/s
Kannan & Alamelu.,Chartered Accountants as statutory auditors of the
company to hold office from the conclusion of this Annual General
Meeting upto the conclusion of the next Annual General Meeting. The
Auditors Report to the Members does not contain any reservation,
qualificationor adverse remarks
DISCLOSURES OF PARTICULARS OF CONSTITUTING "GROUP" PURSUANT TO
SEBUSUBSTANTIAL ACQUISITION OF SHARES & TAKEOVERS) REGULATIONS. 2011
Pursuant to- an information from the promotes, the name of the
promoters and entities comprising group as defined under Monopolies and
Restrictive Trade Practice (MRTP) Act 1969, are given in Annexure-A for
the purpose of the SEBI(Substantial Acquisition of Shares,& Takeovers)
Regulations, 2011:
DE LATERALIS ATI ON OF SHARES
The Shares of the Company had been dematerialized with both National
Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CSDL). The Demat ISIN in Nationa! Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CSDL) is INE410M01018.
All request received by the Company/RTA for
dematerialization/re-materialization, transfers, transmissions,
subdivision, consolidation of shares or any other share related matters
and/or change in address are disposed off expeditiously.
APPRECIATION''
The Board place on record its deep appreciation for the continued
support received from the shareholders, Government Authorities,
Employees and a!l the other concerned. The Directors also thank the
Shareholders for continuing their support and confidence in the Company
and its management.
For and Behalf of the Board For SOUTHERN LATEX LIMITED
Govindan Manivannan N Pillai Neelakanda
Director Director
Gummidipoondi, the 16th
day of August, 2013
Registered Office
B-11/W SiPCOT Industrial Complex,
Gummidipoondi - 601201
Mar 31, 2012
The Directors have great pleasure in presenting the Twenty Third
Annual Report together with Audited Accounts of the company for the
year ended 31st March 2012 and the Auditors'' report thereon.
Financial Results (Amount In Rs.)
Particulars 2011-2012 2010-2011
Total Income 2,15,22,560 2,42 20,853
Expenditures 1,89,72,378 1,83,70,221
Profit before interest, depreciation
and taxes 35,05,824 69,48,838
Less: Depreciation 9,45,079 10,93,846
Profit/ (loss) before tax 25,50,182 58,50,632
Less: Provision for
Current Tax Nil Nil
Deferred Tax Nil Nil
Fringe Benefit Tax Nil Nil
Profit/ (losss) after tax 25,50,182 58,50,632
Add: Loss brought forward from
previous year (3,85,23,906) (4,43,74,537)
Loss transferred to Balance sheet (3,59,73,724) (3,85,23,906)
Your Company has made a turnover of Rs. 2,15,22,560/- as compared to
Rs.2,42,20,853/- of previous year and has made a profit after tax of
the Rs.25,50,1821- as compared to Rs. 58,50,632/- in the previous year.
Business prospects
The company has recovered itself from the sickness status and has
recovered its losses up to a extent. Now it is successfully running its
operations and after a long time is able to achieve all its objectives
and during the year, sales of the company is Rs.2,15,22,560 and the
company has achieved a net profit after tax of Rs. 25,50,182.
The company is looking for a strong future ahead and targeting the
growth in upcoming year. Accordingly the profit would also increase
considerably. It future aim is to improve its financial position.
Fixed Deposits
Your Company has not accepted any deposits from public or its employee
during the year under review.
Dividend
In view of accumulated loss, your directors have not recommended any
dividend during the year under report.
Subsidiaries /Joint Ventures
There are no Subsidiaries and Joint Venture Company.
Insurance
All insurable interests of the Company including buildings, furniture
and fixtures and other insurable interest are adequately insured.
STATUTORY STATEMENTS
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings And Outgo
Pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 the required particulars are furnished below.
Conservation of energy:
Energy conservation continues to receive utmost priority and the
Company monitors energy costs and reviews the consumption of energy on
a regular basis .The Company wherever necessary also initiates
appropriate measures to reduce consumption o electricity, including
using Generator.
Technology Absorption
The relevant particulars relating to technology absorption in terms of
Rule 2 of the Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules, 1988 is not applicable.
Research and Development:
Not Applicable
Foreign exchange earnings and outgo:
There are no foreign exchange earnings and outgo during the year under
review. Particulars of Employees
During the year under review, there were no employees covered under
Section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
The Board of Directors wishes to express its appreciation to all the
employees of the Company for their outstanding contribution to the
operation of Company during the year.
Directors'' Responsibility Statement
Pursuant to the requirement u/s 217(2AA) of the Companies Act, 1956
with respect to Directors'' Responsibility Statement your Directors to
the best of their knowledge and belief confirm that:
(i) in the preparation of the annual accounts, the applicable
Accounting Standards have been followed;
(ii) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give 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 that period,
(iii) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act
so as to safeguard the assets of the Company and to prevent and detect
fraud and other irregularities; and
(iv) they have prepared the annual Accounts on a going Concern basis.
Internal Controls and their Adequacy:
The internal control systems are commensurate to the size of the
operation of the Company. Whenever it is required, the systems and
procedures are upgraded to suit the changing business needs.
Code of Corporate Governance
A detailed report on Corporate Governance as updated with the
particulars of this Financial year, as per the directions from SEB1 is
annexed to this report (Annexure A) together with Report of the
Auditors on the compliance with the said Code and a report of
Management discussion and Analysis is also annexed separately.
Directorate
In compliance with the provisions of the Companies Act, 1956 in
Accordance with the Articles of Association of the Company''s, Mr.N
Neelakanda Pillai retires at this Annual General Meeting and being
eligible, offers himself for re-appointment.
Mr.Govindan Manivannan and Mr. Muralikrishnan, who was appointed as an
additional directors pursuant to the provisions of section 260 of the
Companies Act, 1956 Board of Directors at their meeting held on 06
January 2012 and 30 June 2012 respectively. They hold office as such
till the conclusion of the ensuing Annual General Meeting. The Company
has received notice in writing along with from a member
as required under section 257 of the Companies Act, 1956 signifying
his intention to propose the appointment of Mr.Govindan Mamvannan and
Mr. Muralikrishnan as a Director of the Company. Your Directors
recommend his appointment as Directors of the Company.
Further the Board of Directors at its meeting held on 01.09.2012 have
recommended the appointment of Mr.Vinnakaram Krishnan Balaji as
Director of the Company liable to retire by rotation. The Company has
received a notice in writing along with a deposit of Rs 500/- from a
member as required under section 257 of the Companies Act, 1956
signifying his intention to propose the appointment of Mr. Vinnakaram
Krishnan Balaji as a Director of the Company. The Board of Directors
recommend the resolution as set out in item No.4 of the notice
convening annual general meeting for approval of the shareholders.
Consent letter along with other disclosure to act as Director are
available for inspection. The Board recommends passing of the Ordinary
Resolution at Item No.4 of the Notice.
Mr.Thirumoolam and Mr.Vetrivel Arunachalam Pandy were resigned from the
post of Directors with effect from 06th January, 2012 and 30 June, 2012
respectively. Your Directors wish to express their sincere appreciation
for the valuable services rendered by them during his tenure as
Directors.
Brief resume of the Directors, seeking re-appointment, nature of their
expertise as stipulated under clause 49 of the listing agreement with
inter alia the Bombay Stock Exchange Limited, is appended to the notice
convening the Annual General Meeting.
Auditors and Auditors Report
The retiring auditors, M/s O. S. Hariharan & Co, Chartered Accountants,
Chennai have expressed willingness to continue in office, if appointed.
They have furnished to the company a certificate of their eligible for
appointment as auditors, pursuant to section
224 (1B) of the companies Act, 1956.
The Audit committee and the Board of Directors recommend the
re-appointment of M/s O. S. Hariharan & co Chartered Accountants,
Chennai as Auditors for a further period of one year and to fix their
remuneration.
The Auditors Report to the Members does not contain any qualification
or adverse remarks.
Disclosures of particulars of constituting "Group" pursuant to
Regulation 3(1) (e) of the SEBI(Substantial Acquisition of Shares &
Takeovers) Regulations, 1997.
Pursuant to an information from the promotes, the name of the promoters
and entities comprising group as defined under Monopolies and
Restrictive Trade Practice (MRTP) Act, 1956, are given in Annexure-B for
the purpose of the SEBI(Substantial Acquisition of Shares & Takeovers
Regulations, 1997 :
Demateralisation of Shares
The Shares of the Company had been dematerialized with both National
Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CSDL). The Demat IS I N in National Securities
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CSDL) is INE410M01018.
All request received by the Company/RTA for dematerialization
/re-materialization transfers, transmissions, subdivision,
consolidation of shares or any other share related matters and/or
change in address are disposed off expeditiously.
Acknowledgement
The Directors place on record their appreciation for the continued
support received from the shareholders. Bank, Government Authorities,
Employees and all the other concerned. The Directors also thank the
Shareholders for continuing their support and confidence in the Company
and its management.
For and Behalf of the Board
For SOUTHERN LATEX LIMITED
Govindan Manivannan N. Pillai Neelakanda
Director Director
Gummidipoondi, the 01st day of September, 2012
Mar 31, 2010
The Directors present the 21st Annual Report with the accounts for the
year ended 31st March 2010 .
CORPORATE RESULTS
The Financial Result of the company for the year ended 31st March 2010
are summarized below:
31.03.2010 31.03.2009
(Rs in Lakhs) (Rs in Lakhs)
Loss before Depreciation 26.98 21.67
Depreciation 12.16 13.53
Loss after Depreciation 14.83 7.94
Loss Brought Forward (458.87) (466.51)
Loss carried to Balance Sheet (44375) (458.57)
OPERATION
The gross turnover during the period under review was Rs. 195.02 lakhs.
DIVIDEND
Your Directors do not recommend any dividend for the year.
DEPOSITS
Your company has not accepted any deposits under sec- 58A of the
companies Act 1956 during the year under review.
REFERENCE TO BIFR
The company has become a sick Industrial unit within the meaning of
clause (o) of subsection (I) of section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985. The Company has filed an
application before Board of Industrial and Financial Reconstruction
(BIFR) under Reference No. 130/2005 seeking relief measures. BIFR has
sanctioned the Rehabilitation scheme on 26.11.2009.
DIRECTORS
Mr.B.Thirumoolam retires by rotation at this Annual General Meeting and
being eligible offers himself for reappointment.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the company is complying
with SEB1 Guidelines on Corporate Governance. A separate section on
corporate Governance forms part of Annual Report.
AUDITORS
M/s O.S.Hariharan & co, Chartered Accountants, Chennai the Auditors of
the company retire at the conclusion of the ensuring Annual General
Meeting and are eligible for reappointment. Your Directors recommend
their reappointment.
INFORMATION AS PER SEC 217 (2A) OF THE COMPANIES ACT, 1956.
There are no employees falling within the purview of sec 217 (2A) of
companies Act 1956 your Directors confirm:
1. that in preparation of the Annual Accounts, the applicable
accounting standards have been duly followed with suitable explanation
where are material departures;
2. that the Directors had selected such accounting polices 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 as at the end of the financial year and of the profit or
loss of the company for that period.
3. that the Directors had taken proper and sufficient care for the
maintain 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 frauds and other
irregularities and
4. that the Directors had prepared the annual accounts on a going
concern basis.
INFORMATION RELATING TO CONSERVATION OF ENERGY AND TECHNOLOGY
ABSORPTION
The company has no activity requiring conservation of energy or
technology absorption. Foreign Exchange earning & outgo. NIL
LISTING ARRANGEMENT
As per recent amendment made in the clause 32 of Listing Agreement with
the Stock Exchanges where the Companies Securities are listed along
with other required details are summarized below:
S.
No Name of the Stock Exchange where
Securities are quoted Listing Fees Paid up to
1 The Stock Exchange - Mumbai Paid up to date
2 Madras Stock Exchange Ltd,
- Chennai Paid up to date
3 Coimbatore Stock Exchange 2001-2002
ACKNOWLEDGEMENT
The Directors place on record their appreciation for the continued
support received from the shareholders, Bank, Government Authorities,
Employees and all the other concerned.
Place : Gummdipoondi By order of the Board
Date : 30th September 2010 N.NEELAGANDA PILLAI
Director
Mar 31, 2009
The Directors present the 20th Annual Report with the accounts for the
year ended 31st March 2009
CORPORATE RESULTS
The Financial Result of the company for the year ended 31st March 2009
are summarized below:
31.03.2009 31.03.2008
(Rs in Lakhs) (Rs in Lakhs)
Loss before Depreciation 21.67 (8.44)
Depreciation 13.53 (15.08)
Loss after Depreciation 7.74 (6.63)
Loss Brought Forward (466.51) (651.87)
Loss carried to Balance Sheet (458.57) (466.51)
OPERATION
The gross turnover during the period under review was Rs. 158.63 lakhs.
DIVIDEND
Your Directors do not recommend any dividend for the year.
DEPOSITS
Your company has not accepted any deposits under sec- 58A of the
companies Act 1956 during the year under review.
REFERENCE TO BIFR
The company has become a sick Industrial unit within the meaning of
clause (o) of subsection (I) of section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985. The Company has filed an
application before Board of Industrial and Financial Reconstruction
(BIFR) under Reference No. 130/2005 seeking relief measures. The
Company is awaiting a scheme of Rehabilitation from BIFR
DIRECTORS
Mr.N.Neelakandapillai retires by rotation at this Annual General
Meeting and being eligible offers himself for reappointment.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the company is complying
with SEBI Guidelines on Corporate Governance. A separate section on
corporate Governance forms part of Annual Report.
AUDITORS
M/s O.S.Hariharan & co, Chartered Accountants, Chennai the Auditors of
the company retire at the conclusion of the ensuring Annual General
Meeting and are eligible for reappointment. Your Directors recommend
their reappointment. -
INFORMATION AS PER SEC 217 (2A) OF THE COMPANIES ACT, 1956.
There are no employees falling within the purview of sec217 (2A) of
companies Act 1956 your Directors confirm:
1. that in preparation of the Annual Accounts, the applicable
accounting standards have been duly followed with suitable explanation
where5 are material departures;
2. that the Directors had selected such accounting polices 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 as at the end of the financial year and of the profit or
loss of the company for that period.
3. that the Directors had taken proper and sufficient care for the
maintain 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 frauds and other
irregularities and
4. that the Directors had prepared the annual accounts on a going
concern basis.
INFORMATION RELATING TO CONSERVATION OF ENERGY AND TECHNOLOGY
ABSORPTION
The company has no activity requiring conservation of energy or
technology absorption. Foreign Exchange earning & outgo. NIL
LISTING ARRANGEMENT
As per recent amendment made in the clause 32 of Listing Agreement with
the Stock Exchanges where the Companies Securities are listed along
with other required details are summarized below:
S.No Name of the Stock Exchange where Securities are quoted Listing
Fees Paid up to
1 The Stock Exchange - Mumbai Paid up to date
2 Madras Stock Exchange Ltd, -
Chennai Paid up to date
3 Coimbatore Stock Exchange - 2001-2002
ACKNOWLEDGEMENT
The Directors place on record their appreciation for the continued
support received from the shareholders, Bank, Government Authorities,
Employees and all the other concerned.
Place : Gummdipoondi By order of the Board
Date : 30th September 2009 A.P.VETRTVEL
Director
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