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

Your Directors have pleasure in presenting their Report for the financial year ended 31stMarch, 2014.

FINANCIAL RESULTS
(Figure in Rs.)
Loss for the year (5,68,232)
Less: Loss brought forward from the previous year (9,64,15,033)
Balance carried to Balance Sheet (9,69,83,265)

FINANCIAL PERFORMANCE

Your Director are positive about the Company's operations and making best efforts toimplement the cost reduction measures to the extent feasible.

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 annual 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 forthat 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.

DIRECTORS

During the year under review, Mr. Bharat Mohta and MrJaichand Jhawar resigned from thedirectorship of the Company w.e.f. 07th April, 2013 & 11th May, 2013. TheBoard appreciates and places on record the valuable contribution, guidance and advicereceived from them.

Mr. Shane Ahmed Warsi was appointed as an additional director of the Company w.e.f. 11thMarch 2013, and his tenure of office of Additional director expires at the ensuing AnnualGeneral Meeting to be held on 27th September 2013. In this connection, theCompany has not received any correspondence from Mr. Shane Ahmed Warsi showing hisintention to continue on the Board and his appointment as a Director at the ensuing AnnualGeneral Meeting. In view of this, the Board had in its meeting held on 11th May2013 decided NOT TO recommend the appointment of Mr. Shane Ahmed Warsi as a Director tothe members of the Company. As a consequence, Mr. Shane Ahmed Warsi ceased to beAdditional Director from the conclusion of the Last Annual General Meeting held on 27thSeptember 2013.

In accordance with the provisions of the Companies Act, 2013, Mr. Vishal Dedhia,retires by rotation at the ensuring Annual general Meeting and being eligible offershimself for reappointment.

AUDITOR AND AUDITOR'S OBSERVATION

Mr. Sanjay Kumar Maheswary, Chartered Accountant, Kolkata retire at the forthcomingAnnual General Meeting and is eligible for re-appointment. The Company has receivedletters from Auditor to the effect that their re-appointment, if made, would be within theprescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are notdisqualified for re-appointment

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 134(l){f)of the Companies Act, 2013, 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.

(II) 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.

ACKNQWIEPGEMENTS

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 : 30th May, 2014 Vlshal Dedhia
Place: Kolkata Director
   
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Key Information

Key Executives:

Vishal Dedhia , Executive Director

Namrate Malu , Director

Mahendra Ganatra , 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

 
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