Mar 31, 2014
The Members
Surya Industrial Corporation Limited
Meerut
Ladies and gentlemen,
The Board of Directors of your Company has pleasure in presenting 27th
Annual Report of the Company along with Audited Accounts and the
Auditor''s Report for the Accounting Year ended 31st March, 2014.
1. FINANCIAL RESULT:
Comparative Figures are as under
Particulars 2013-14 2012-13
Sales & Job Work 0.00 445,000.00
Other Income 20,000.00 5,038,000.00
Profits on sale of Assets 0.00 0
Reduction in value of Investment 0.00 0
Profit (Loss) before Depreciation (-)155,000.00 2,340,000.00
Depreciation 0.00 1,504,000.00
Net Profit before tax (-)155,000.00 17,406,000.00
Net Profit after tax (-)197,000.00 17,406,000.00
Balance b/f from previous year (-)55,071,000 (-)72,477,000.00
2. OPERATIONS
As the members of the Company having knowledge that Company did not
carrying any operations from last few years. Now the management of the
Company has been planned to resume functioning of the Company for
future growth of the Company.
3. DIVIDEND
In view of accumulated losses, your directors regret their inability to
declare the dividend to shareholders.
4. DEPOSITS
During the year under review, the company has not invited or accepted
any Deposits from the public.
5. DIRECTORS
No sitting fee has been paid to any of the directors.
Mr. Naitik Devendrakumar Shah who was appointed as an Additional
Director of the Company w.e.f. 07-06-2014 and who holds office up to
the date of the forthcoming Annual General Meeting of the Company has
been proposed in writing by the shareholder for the office of the
Director.
Further, Mr. Pratikkumar Mehta who was appointed as an Additional
Director of the Company w.e.f. 07-06-2014, who holds office up to the
date of the forthcoming Annual General Meeting of the Company has been
proposed in writing by the shareholder for the office of the Director.
Your Directors recommend their appointment as the Director of the
Company.
Mr. Vivek Jain, Mr. Pawankumar, Mr. Abhinav Sharma and Mr. Rahul Jain
was appointed w.e.f. 13-12- 1988, 23-07-2013, 18-06-2012 and 01-01-2008
respectively, has resigned from the directorship of the company due to
their personal reasons w.e.f. 06-07-2014, 11-06-2014, 23-04-2013 and
09-11-2013 respectively. The Board appreciates the contribution made by
them during their tenure of Director of the Company.
Ms. Bhavi Sanghvi and Mr. Mukhtar Singh is Appoint as Independent
Director not liable to retire by rotation.
Brief details of the Directors seeking appointment/re-appointment as
stipulated under clause 49 of the listing Agreement with the Stock
Exchange is enclosed with Notice.
6. OPEN OFFER TO THE PUBLICE SHAREHOLDERS OF THE COMPANY TO ACQUIRE
1161342 EQ. SHARE;
During the year an open offer was made by Mr. Pratik Sharadkumar Mehta
along with Mrs. Aruna Naaresh Satunda, Mr. Kaushal D. Vadecha and Mr.
Nikhil Champaklal Shah, pursuant to the relevant provisions of SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 to
the Public Shareholders of M/s Surya Industrial Corporation Limited to
acquire up to 1,161,342 Equity Shares of the Company representing 26%
of the total paid up capital at a price of Rs. 10/- per share..
7. AUDIT REPORT & ACCOUNTS
No qualification by the Auditor has been recommended.
8. PARTICULARS OF EMPLOYEE
Particulars of employees required to be furnished under section 217(2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975, as amended in 2011 to this report are  Nil
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING & OUTGO
In view of the nature of activities which are being carried on by the
Company, the particulars as prescribed under section 217(1)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy And Technology Absorption are not applicable to
the Company.
The Company mainly deals in domestic market and has NIL sales on
account of exports, thereby resulting NIL foreign exchange earnings and
outgo during the accounting Year 2013-14.
10. DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) we state Â
i) That in the preparation of the annual accounts the applicable
accounting standards has been followed and there is no material
departure:
ii) That your directors had selected such accounting policies and
applied them consistently and made judgment 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 accounting year and of the
profit or loss of the company for that year;
iii) That your directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguard the assets of the company and for
preventing and detecting fraud and other irregularities and
iv) That your directors had prepared the annual accounts on a going
concern basis.
11. AUDITORS
M/s Arpan Chudgar & Associates, (Firm Redg. No. 133877W) Chartered
Accountants, appointed as a Statutory Auditor of the Company in place
of M/s KKJ & Associates who will retire at ensuring annual general
meeting.
The Company has received a confirmation from the Auditors to the effect
that their appointment if made would be in the limits prescribed under
the section 141(3) (g) of the Companies Act, 2013.
12. COMPLIANCE CERTIFICATE
Pursuant to requirement of section 383A(1) of the Companies Act, 1956,
with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from Practicing Company Secretary, for the
Accounting Year ended 31.03.2014. The same has been attached in
Director''s Report.
13. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section title Corporate Governance Report and Management
Discussion and Analysis Report is attached to this Report.
14. ACKNOWLDGEMENT
Your directors wish to convey their thanks to their Employees,
Shareholders, Banker, financer and auditors for continuance of their
support.
By Order of the Board of Directors
For Surya Industrial Corporation Ltd.
Sd/-
(Pratikkumar Mehta) Bhavi Sanghavi
Place: Surat Managing Director Director
Date: 09-08-2014
Registered office:
B-9, Industrial Estate,
Partapur, Meerut,
Uttar Pradesh  250 103
CIN : L15311UP1988PLC010285
Jun 30, 2013
The Board of Directors of your Company has pleasure in presenting the
26th Annual Report of the Company along with Audited Accounts and the
Auditor''s Report for the Accounting Year ended 30th June, 2013.
1. FINANCIAL RESULTS:
Comparative Figures are as under
Particulars 2012-13 2011-12
Sales & Job Work 445000.00 1194000.00
Other Income 5038000.00 5634000.00
Profit on sale of Assets 0.00 0.00
Reduction in value of Investment 0.00 0.00
Profit before depreciation 2340000.00 4526000.00
Depreciation 1504000.00 2493000.00
Net Profit before tax 17406000.00 718000.00
Net Profit after tax 17406000.00 718000.00
Balance b/f from previous year (-)72477000.00 (-)72477000.00
2. OPERATIONS
Company has come out of the purview of SICA. Board for Industrial and
Financial Reconstruction (BIFR) Bench III, in its directions issued in
January, 2013 decided to delist the Company from the purview of SICA.
Company is now optimistic towards its growth and smooth functioning of
the Company has been resumed to give the momentum to the Company.
Management is hopeful of Growth of the Company, now hereon, in the
coming future for the Company. Looking into the future prospectus, the
management considered and approved to Sell, lease or otherwise disposal
and/or transfer/sale of land, building, machinery and any other assets
of the Company situated at 37/4, Village Dungrawali, Meerut bypass
Road, Meerut. The Board considered the matter in the Board Meeting of
17th August, 2012 and the matter was duly approved by the Board and
subsequently by the shareholders by way of Postal ballot and the
results for the same were declared by the Mr. Vivek Jain, Chairman and
Managing Director, on 27th October, 2012.
3. DIRECTORS
No sitting fee has been paid to any of the directors.
In accordance with the provisions of the Companies Act, 1956 and the
Article of Association of the Company, Mr. Rahul Jain, Director of the
Company, retires by rotation and being eligible, seeks re-appointment.
Pursuant to the provisions of Section 260 of the Companies Act, 1956
and the article of association of the Company, Mr. Mukhtar Singh was
appointed as Additional Director of the Company and shall hold office
till the date of the ensuing Annual General Meeting. Your Company has
received notice in writing from the existing members proposing their
candidature along with the requisite deposit pursuant to the provisions
of Section 257(1A) of the Companies Act, 1956. Your Directors
recommends their appointment to the board of the company. Pursuant to
the provisions of Section 260 of the Companies Act, 1956 and the
article of association of the Company, Mr. Pawan Kumar was appointed as
Additional Director of the Company and shall hold office till the date
of the ensuing Annual General Meeting. Your Company has received notice
in writing from the existing members proposing their candidature along
with the requisite deposit pursuant to the provisions of Section
257(1A) of the Companies Act, 1956. Your Directors recommends their
appointment to the board of the company. Mr. Abhinav Sharma and Raman
Sapra has been appointed as Additional Directors on 18/08/2012 and
17/09/ 2012 respectively and resigned on 20/06/2013 and 05/11/2012
respectively. Mr. Navdeep Gupta who was appointed on 01/01/2011 got
resigned from the directorship of the Company on 10/09/2012. Mahender
Singh, Laleswar Kumar Raut and Seema Jain, Directors of the Company
resigned on 18/08/2012 from the directorship of the Company.
Brief details of the Directors seeking appointment/re-appointment as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchange is enclosed with Notice.
4. DIVIDEND
In view of accumulated losses, your directors regret their inability to
declare the dividend to shareholders.
5. AUDIT REPORT & ACCOUNTS
No Qualification by the Auditor has been recommended.
6. PARTICULARS OF EMPLOYEES
Particulars of employees required to be furnished under section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975, as amended in 2011 to this report are - NIL
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
In view of the nature of activities which are being carried on by the
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies'' (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy And Technology Absorption are not applicable to
the Company. The Company mainly deals in domestic market and has NIL
sales on account of exports, thereby resulting NIL foreign exchange
earnings and outgo during the accounting Year 2012-13.
8. DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuance to section 217(2AA) we state -
i) that in the preparation of the annual accounts the applicable
accounting standards had been followed and there is no material
departure;
ii) that your 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 accounting year and of the
profit or loss of the company for that year;
iii) that your 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 and
iv) that your directors had prepared the annual accounts on a going
concern basis.
9. AUDITORS
M/s KKJ & Associates., Chartered Accountants, Meerut, Auditor of the
company retire at ensuing annual general meeting and being are eligible
& willing for re-appointment.
The Company has received a confirmation from the Auditors to the effect
that their re-appointment if made would be in the limits prescribed
under the Section 224(1B) of the Companies Act, 1956.
10. COMPLIANCE CERTIFICATE
Pursuant to requirements of Section 383A(1) of the Companies Act, 1956,
with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from Practicing Company Secretary, for the
Accounting Year ended 30.06.2013. The same has been attached in
Director''s Report.
11. ACKNOWLEDGEMENT
Your directors wish to convey their thanks to their Employees,
Shareholders, Banker, financer and auditors for continuance of their
support.
By Order of the Board of Directors
For Surya Industrial Corporation Ltd.
Sd/-
(Vivek Jain)
Chairman cum Managing Director
Date : 14.10.2013
Place : Meerut
Jun 30, 2012
To The Members of Surya Industrial Corporation Limited Meerut
Ladies and Gentlemen,
The Board of Directors of your Company has pleasure in presenting the
25th Annual Report of the Company along with Audited Accounts and the
Auditor''s Report for the Accounting Year ended 30th June, 2012.
1. FINANCIAL RESULTS:
Comparative Figures are as under
Particulars 2011-12 2010-11
Sales & Job Work 1194000.00 360000.00
Other Income 5634000.00 6245000.00
Profit on sale of Assets 0.00 97000.00
Reduction in value of Investment 0.00 0.00
Profit before depreciation 4526000.00 4865000.00
Depreciation 2493000.00 2868000.00
Net Profit before tax 718000.00 1997000.00
Net Profit after tax 718000.00 1997000.00
Balance b/f from previous year (-)72477000.00 (-)73195000.00
2. OPERATIONS
Company continues to be under the purview of BIFR for its financial
reconstruction.Company has achieved sales of Rs.11.94 Lacs by selling
electric laminations & partly job work of production of Tyres. Company
is making all efforts to revive its operations.But due to lack of
working capital, company could not make any headway in revival of
operation of the company to any great extent. Land & Factory building,
not in immediate use, have been leased out and earnings of Rent have
been used for repayment of loan liabilities of UPFC and PICUP.
3. FUTURE OUTLOOK
Your directors have tried to give momentum to business of Manufacturing
& Trading of Electric Lamination during the year and are very hopeful.
Company is pursuing with UPFC and PICUP for One time Settlement of its
outstanding dues.
4. DIRECTORS
No sitting fee has been paid to any of the directors.
In accordance with the provisions of the Companies Act, 1956 and the
Article of Association of the Company, Mr. Vivek Jain, Director of the
Company, retires by rotation and being eligible, seeks re-appointment.
Pursuant to the provisions of Section 260 of the Companies Act, 1956
and the article of association of the Company, Mr. Abhinav Sharma was
appointed as Additional Director of the Company and shall hold office
till the date of the ensuing Annual General Meeting. Your Company has
received notice in writing from the existing members proposing their
candidature along with the requisite deposit pursuant to the provisions
of Section 257(1A) of the Companies Act, 1956. Your Directors
recommends their appointment to the board of the company. Pursuant to
the provisions of Section 260 of the Companies Act, 1956 and the
article of association of the Company, Mr. Bhavi Jitendra Sanghavi was
appointed as Additional Director of the Company and shall hold office
till the date of the ensuing Annual General Meeting. Your Company has
received notice in writing from the existing members proposing their
candidature along with the requisite deposit pursuant to the provisions
of Section 257(1A) of the Companies Act, 1956. Your Directors
recommends their appointment to the board of the company.
Brief details of the Directors seeking appointment/re-appointment as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchange is enclosed with Notice.
6. DIVIDEND
In view of accumulated losses, your directors regret their inability to
declare the dividend to shareholders.
7. AUDIT REPORT & ACCOUNTS
No Qualification of Auditor has been found.
8. PARTICULARS OF EMPLOYEES
Particulars of employees required to be furnished under section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975, as amended in 2011 to this report are - NIL
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
In view of the nature of activities which are being carried on by the
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies'' (Disclosure of Particulars
in the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy And Technology Absorption are not applicable to
the Company. The Company mainly deals in domestic market and has NIL
sales on account of exports, thereby resulting NIL foreign exchange
earnings and outgo during the accounting Year 2011-12
10. DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuance to section 217(2AA) we state -
i) That in the preparation of the annual accounts the applicable
accounting standards had been followed and there is no material
departure;
ii) That your 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 accounting year and of the
profit or loss of the company for that year;
iii) That your 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 and
iv) That your directors had prepared the annual accounts on a going
concern basis.
11. AUDITORS
M/s KKJ & Associates., Chartered Accountants, Meerut, Auditor of the
company retire at ensuing annual general meeting and being are eligible
& willing for re-appointment.
The Company has received a confirmation from the Auditors to the effect
that their re-appointment if made would be in the limits prescribed
under the Section 224(1B) of the Companies Act, 1956.
12. COMPLIANCE CERTIFICATE
Pursuant to requirements of Section 383A(1) of the Companies Act, 1956,
with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from Practicing Company Secretary, for the
Accounting Year ended 30.06.2012. The same has been attached in
Director''s Report.
13. ACKNOWLEDGEMENT
Your directors wish to convey their thanks to their Banker, financer
and auditors for continuance of their support.
By Order of the Board of Directors
For Surya Industrial Corporation Ltd.
Sd/- Sd/-
(Vivek Jain) (Rahul Jain)
Chairman cum Managing Director Director
Date : 06.12.2012
Place : Meerut
Jun 30, 2011
To The Members of Surya Industrial Corporation Limited
The Board of Directors of your Company has pleasure in presenting the
24th Annual Report of the Company along with Audited Accounts and the
Auditor's Report for the Accounting Year ended 30th June, 2011.
1. FINANCIAL RESULTS:
Comparative Figures are as under
Particulars 2010-11 2009-10
Sales & Job Work 360300.00 1104089.00
Other Income 6147737.95 6132360.00
Profit on sale of Assets 97392.00 5320116.50
Reduction in value of Investment 0.00 5184000.00
Profit before depreciation 4864949.93 4312702.71
Depreciation 2868260.00 3629245.00
Net Profit before tax 1996689.93 690240.21
Net Profit after tax 1996689.93 690240.21
Balance b/f from previous year 73195197.90 (-)75191587.83
2. OPERATIONS
Due to lack of working capital, as company is already referred to BIFR,
as sick company, company could not make any headway in revival of
operation of the company to any great extent, though company is
utilizing machinery to produce automotive tyres on job work basis. Part
of few machineries have been sold during the year and sale proceeds
have been used for repayment of liability of UPFC and PICUP. Land and
Factory building not in immediate use have been leased out and earnings
of Rent have been used for repayment of loan liabilities of UPFC and
PICUP.
3. FUTURE OUTLOOK
Your directors have tried to give momentum to business of Manufacturing
& Trading of Electric Lamination during the year and are very hopeful.
4. DIRECTORS
No sitting fee has been paid to any of the directors. During the year,
Mr. Virjendra Kumar Singh resigned from the board of directors. Board
of directors wish to place on record, appreciation of his contribution,
made by him during his tenure.
In accordance with the provisions of the Companies Act, 1956 and the
Article of Association of the Company, Mr. Rahul Jain, Director of the
Company, retires by rotation and being eligible, seeks re-appointment.
Pursuant to the provisions of Section 260 of the Companies Act, 1956
and the article of association of the Company, Ms. Seema Jain
(Chairperson), Mr. Laleshwar Kumar Raut, Mr. Mahender Singh and Mr.
Navdeep Gupta were appointed as Additional Directors of the Company and
shall hold office till the date of the ensuing Annual General Meeting.
Your Company has received notices in writing from the existing members
proposing their candidature along with the requisite deposit pursuant
to the provisions of Section 257(1 A) of the Companies Act, 1956.
Your Directors recommends their appointment to the board of the
company. Brief details of the Directors seeking
appointment/re-appointment as stipulated under clause 49 of the Listing
Agreement with the Stock Exchange is enclosed with Notice.
6. DIVIDEND
In view of accumulated losses, your directors regret their inability to
declare the dividend to shareholders.
7. AUDIT REPORT & ACCOUNTS
We clarify the qualification/observation here under -
Schedule of repayment of dues of UPFC & PICUP as per OTS could not be
adhered. Amount paid to them have been deducted from their dues.
8. PARTICULARS OF EMPLOYEES
Particulars of employees required to be furnished under section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975, to this report are - NIL
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
In view of the nature of activities which are being carried on by the
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies' (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy And Technology Absorption are not applicable to
the Company. The Company mainly deals in domestic market and has NIL
sales on account of exports, thereby resulting NIL foreign exchange
earnings and outgo during the accounting Year 2010-11
10. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuance to section 217(2AA) we state -
i) That in the preparation of the annual accounts the applicable
accounting standards had been followed and there is no material
departure;
ii) That your 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 accounting year and of the
profit or loss of the company for that year;
iii) That your 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 and
iv) That your directors had prepared the annual accounts on a going
concern basis.
11. AUDITORS
M/s KKJ & Associates., Chartered Accountants, Meerut, Auditor of the
company retire at ensuing annual general meeting and being are
eligible & willing for re-appointment.
The Company has received a confirmation from the Auditors to the effect
that their re-appointment if made would be in the limits prescribed
under the Section 224(1 B) of the Companies Act, 1956.
12. COMPLIANCE CERTIFICATE
Pursuant to requirements of Section 383A(1) of the Companies Act, 1956,
with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from Practicing Company Secretary, for the
Accounting Year ended 30.06.2011. The same has been attached in
Director's Report.
13. ACKNOWLEDGEMENT
Your directors wish to convey their thanks to Banker, financer, workers
and auditors for continuance of their support.
By Order of the Board of Directors
For Surya Industrial Corporation Ltd.
Sd/- Sd/-
(Vivek Jain) (Rahul Jain)
Managing Director Director
Date : 10.11.2011
Place : Meerut
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