Shree Manufacturing Company Ltd

BSE: 503863 | NSE:  | ISIN: INE632A01012 
Market Cap: [Rs.Cr.] 5.50 | Face Value: [Rs.] 10
Industry: Textiles - Cotton/Blended

Director's Report
DIRECTORS' REPORT

Your Directors have pleasure in presenting their Report forthe financial year ended31st March 2013.

FINANCIAL RESULTS
(Rupees in lacs)
Profit for the year 228.30
Less : Loss brought forward from the previous year 1192.45
Balance carried to Balance Sheet (964.15)

ACTIVITIES

The Board of Directors of your Company is pleased to inform you that the trading in theequity shares of the Company was successfully resumed on Bombay Stock Exchange (BSE)during the year under review. BSE revoked the suspension in the securities of Companyw.e.f. 6th December, 2012.

Your directors arepositive about the Company's operations and are making their bestefforts to implement the cost reduction measures to the extent feasible.

CHANGE IN MANAGEMENT AND CONTROL OF THE COMPANY

During the year under review, M/s.Edge Consultancy Services LLP ("Acquirer")have acquired 34,12,597 equity shares of Rs.10/- each, representing 62.04% equity stakeand voting rights accompanied with effective management control of the Company fromerstwhile promoters by entering into Share Purchase Agreement and after complying with therequirements of Open Offer in terms of SEBI (Substantial Acquisition of Shares andTakeovers) Regulations, 2011.

DIVIDEND

Considering the present financial status of the Company, your directors do notrecommend any dividend for the year under report.

CORPORATE GOVERNANCE

A separate report on Corporate Governance as stipulated under Clause 49 of the ListingAgreement forms part of this report.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

In terms of Clause 49 of the Listing Agreement with the Stock Exchanges, the ManagementDiscussion & Analysis Report is appended to this Report.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors confirm:

(i) that in the preparation of the annua! accounts, the applicable accounting standardshave been followed;

(ii) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of your Company at the end of thefinancial year ended 31st March 2013 and of the profits of your Company for that year;

(iii) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956,for safeguarding the assets of your Company and for preventing and detecting fraud andother irregularities;

(iv) that the Directors have prepared the annual accounts on a going concern basis.FIXED DEPOSITS

Your Company has not accepted any fixed deposit. LISTING OF SHARES

The Company's shares are listed on the stock exchanges of Kolkata and Mumbai.

ENVIRONMENT AND SAFETY & INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT.1956

In view of the present state of affairs of your Company, there is no matte r forreporting on Environment Safety and Information pursuant to Section 217 of the CompaniesAct, 1956.

DIRECTORATE

During the year under review, Mr. Bharat Mohta and Mr.Jaichand Jhawar resigned from thedirectorship of the Company w.e.f. 07th April, 2013 & 11th May, 2013. The Boardappreciates and places on record the valuable contribution, guidance and advice receivedfrom them.

Mr. Shane Ahmed Warsi was appointed as an additional director of the Company w.e.f.11th March 2013, and his tenure of office of Additional director expires at the ensuingAnnual General Meeting to be held on 27th September 2.013. in this connection, the Companyhas not received any correspondence from Mr. Shane Ahmed Wars/ showing his intention tocontinue on the Board and his appointment as a Director at the ensuing Annual GeneralMeeting. In view of this, the Board has in its meeting held on 11th May 2013 decided NOTTO recommend the appointment of Mr, Shane Ahmed Warsi as a Director to the members of theCompany. As a consequence, Mr. Shane Ahmed Warsi shall cease to hold office of AdditionalDirector from the conclusion of the ensuing Annual General Meeting to be held on 27thSeptember 2013.

Mr.Mahendra Ganatra was appointed as 'Additional Director' of the Company w.e.f. 07thApril 2013 to hold the office till the conclusion of the ensuing Annual GeneralMeeting. The Company has received notice under Section 257 for his appointment as Directorin the forthcoming Annual General Meeting.

In accordance with the provisions of the Companies Act, 1956 and the Articles ofAssociation of the Company, Ms.Namrata Malu retires by rotation at the ensuing AnnualGeneral Meeting and being eligible, offers herself for re-appointment.

The board recommends the re-appointment which will be beneficial to the company.

As required under Clause 49 of the Listing Agreement with the Stock Exchanges, thedetails of Directors seeking re-appointment at the ensuing Annual General Meeting areprovided in the Annual report.

AUDITOR AND AUDITOR'S OBSERVATION

Mr. Sanjay Kumar Maheswary, Chartered Accountant, Mumbai retire at the forthcomingAnnual General Meeting and is eligible for re-appointment. The certificate under Section224(1B) of the Companies Act, 1956 has been obtained as required.

Auditor's observation and Management's explanation to the Auditor's observation -

The Directors refer to the Auditor's observation in the Auditor's Report and asrequired under Section 217{3) of the Companies Act, 1956, provide their explanation asunder:

(I) EROSION OF NET WORTH OF THE COMPANY DUE TO ACCUMULATED LOSSES

Your directors wish to state that the Company is taking all the necessary steps toprotect further erosion. The management believes that the business loss is a temporaryphenomenon and is working towards the revival of the Company.

(11) OTHER OBSERVATIONS

With reference to the other observations made by the Auditor in his Report, yourDirectors wish to state that the relevant notes forming part of Company's Accounts areself explanatory and hence do not require any further explanation from the Board.

PARTICULARS OF EMPLOYEES

There are no employees who are in receipt of salary in excess of the limits prescribedunder Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars ofEmployees) Rules, 1975, as amended.

ACKNOWLEDGEMENTS

Your Board of Directors takes this opportunity to thank all the shareholders of theCompany for their confidence and belief in the Company.

On behalf of the Board of Director
Sd/-
Dated : 11th May, 2013 Vishal Dedhia
Place: Kolkata Director
   
India Infoline Research
No Related Research Found
Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

Vishal Dedhia , Executive Director

Namrate Malu , Director

Mahendra Ganatra , Director

Shane Ahmed Warsi , Director


Company Head Office / Quarters:

9 Brabourne Road,
7th Floor,
Kolkata,
West Bengal-700001
Phone : West Bengal-91-33-22424752/22424749 / West Bengal-
Fax : West Bengal-91-33-22426799 / West Bengal-
E-mail : shreemanufacturing@hotmail.com
Web : http://www.smcl.co.in

Registrars:

Purva Sharegistry (I) Pvt Ltd
9 ShivShakti Indl Es,J R Boricha Marg,Lower Parel,Mumbai - 400 011

 
Fund Holding
Scheme Name No. of Shares
 
 
Better Investment Avenue

Check whether Taxed / Tax free investment avenue is better for you

  Taxed Avenue Tax-Free Avenue
Investment amount (Rs.)  
Tenure of Investment (years)  
Interest earned (% p.a)
Compounded every
Your tax bracket (%)