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Shree Manufacturing Company Ltd

BSE: 503863 | NSE: ISIN: INE632A01012
Market Cap: [Rs.Cr.] 4.06 Face Value: [Rs.] 10
Industry: Textiles - Cotton/Blended

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Director's Report
DIRECTORS

Your Directors have pleasure in presenting their Report for the financial year ended 31st March, 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 to implement the cost reduction measures to the extent feasible.

DIVIDEND

Considering the present financial status of the Company, your directors do not recommend any dividend for the year under report.

CORPORATE GOVERNANCE

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

MANAGEMENT DISCUSSION & ANALYSIS REPORT

In terms of Clause 49 of the Listing Agreement with the Stock Exchanges, the Management Discussion & 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 standards have been followed;

(ii) that 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 your Company at the end of the financial 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 of adequate 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 and other 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 for reporting on Environment Safety and Information pursuant to Section 217 of the Companies Act, 1956.

DIRECTORS

During the year under review, Mr. Bharat Mohta and MrJaichand Jhawar resigned from the directorship of the Company w.e.f. 07th April, 2013 & 11th May, 2013. The Board appreciates and places on record the valuable contribution, guidance and advice received from 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 ensuing Annual General Meeting to be held on 27th September 2013. In this connection, the Company has not received any correspondence from Mr. Shane Ahmed Warsi showing his intention to continue on the Board and his appointment as a Director at the ensuing Annual General Meeting. In view of this, the Board had in its meeting held on 11th May 2013 decided NOT TO recommend the appointment of Mr. Shane Ahmed Warsi as a Director to the members of the Company. As a consequence, Mr. Shane Ahmed Warsi ceased to be Additional Director from the conclusion of the Last Annual General Meeting held on 27th September 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 offers himself for reappointment.

AUDITOR AND AUDITOR'S OBSERVATION

Mr. Sanjay Kumar Maheswary, Chartered Accountant, Kolkata retire at the forthcoming Annual General Meeting and is eligible for re-appointment. The Company has received letters from Auditor to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified 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 as required under Section 134(l){f)of the Companies Act, 2013, provide their explanation as under:

(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 to protect further erosion. The management believes that the business loss is a temporary phenomenon 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, your Directors wish to state that the relevant notes forming part of Company's Accounts are self 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 prescribed under Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

ACKNQWIEPGEMENTS

Your Board of Directors takes this opportunity to thank all the shareholders of the Company 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 & CFO

Namrate Malu , Director

Dinesh Bainwal , Additional 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
 
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