SURYAKRUPA FINANCE LIMITED
Your Directors have great pleasure in presenting 27th ANNUAL REPORT along with the Audited Balance Sheet and Statement of Profit And Loss, for the year ended 31st March, 2014.
1. FINANCIAL RESULTS
The financial Results of the Company are briefly summarized as under:
(Amt. in Rs.)
|Profit/(Loss) before Taxation||50,997||(10,51,702)|
|Profit/(Loss) after Taxation||54,411||(10,51,920)|
|Profit/(Loss) brought forward||(11,088,444)||(10,038,167)|
|Allocations & Appropriations||0||1643|
|Balance carried to Balance Sheet||(11,024,653)||(11,088,444)|
2. REVIEW OF OPERATIONS
The Company has made profit of Rs. 54,411/- during the financial year as against Loss of Rs. 10,51,920/- incurred in the previous year. Your Directors expects to achieve better performance in the future and taking maximum efforts to control the costs and optimize the results in the coming years.
During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend.
During the year under review, the Company has not invited or accepted any Deposits from the public.
5. PARTICULARS OF EMPLOYEES
There were no employees during the whole or part of the year who were in receipt of remuneration in excess of limits as set out in terms of the provisions of section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 as amended.
In terms of Section 149, 152 and other applicable provisions of the Companies Act, 2013 effective from 1st April, 2014 for the purpose of determining the directors are liable to retire by rotation, the Independent Directors shall not included in the total nos. of the directors of the Company.
Mr. Sureshkumar Bhandari and Mr. Sunilkumar Jain, Directors of the Company, retiring by rotation in terms of provisions of Articles of Association of the Company and are eligible for re-appointment. The resolutions for their appointment as Directors and also Independent Directors are proposed in the Notice of Annual General Meeting for consideration of the members.
Mr. Ashvin Thumar Director of the Company, whose period of office is liable to determination by retirement of directors by rotation under the erstwhile applicable provisions of the Companies Act, 1956. In terms of Section 149 and other applicable provisions of the Companies Act, 2013. Mr. Ashvin Thumar being eligible and offering himself for appointment is proposed to be appointed as an Independent Director for one year for a term upto the conclusion of the 28th Annual General Meeting of the Company in the calendar year 2015. Accordingly, resolution proposing appointment of Independent Directors form part of the notice of the Annual General Meeting.
Since the Company has no subsidiaries, provision of Section 212 of the Companies Act, 1956 is not applicable.
8. DIRECTOR'S RESPONSIBILITY STATEMENT
The Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
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 the Company at the end of the financial year and the Profit of the Company for that period;
iii. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. That the Directors have prepared the Annual accounts on a going concern basis.
9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION
Since the Company is not a manufacturing unit provisions of Section 217 (l)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption is not applicable.
10. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange Earnings: NIL Foreign Exchange Outgo: NIL
M/s Gupta Saharia & Co., Chartered Accountants an Auditors of the Company have expressed their unwillingness to be re-appointed as Statutory Auditors for financial year 2014-15 at the ensuing Annual General Meeting .Therefore Board of Directors recommend appointment of M/s. Mukesh M. Shah & Co., Chartered Accountants, as Statutory Auditors of the Company for the financial year 2014-15 in place of M/s. Gupta Saharia & Co., Chartered Accountants to hold the office from the conclusion this Annual General Meeting till the conclusion of the next Annual General Meeting of the Company and to fix their remuneration in a manner as mentioned in the resolution. M/s. Mukesh M. Shah & Co. have given their consent to act as Statutory Auditors and also confirmed that they are qualified for the said appointment.
Necessary resolution for their appointment has been proposed in the Notice of Annual General Meeting for the consideration and approval of the members of the Company.
12. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled Corporate Governance Report is attached to this Report.
13. MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis (MDA), which forms part of the report, inter alia, deals adequately with the operation as also current and future outlook of the Company.
14. LISTING OF SHARES:
The Company's shares are listed on The Bombay Stock Exchange Limited.
Your Directors express their appreciation for the dedicated and sincere services rendered by the employees of the Company and also sincerely thanks the shareholders for the confidence reposed by them in the Company and for the continued support and co-operation extended by them.
By Order Of the Board
SURYAKRUPA FINANCE LIMITED
|DATE: 2nd September, 2014|
|(Ravindra Palkar)||(Hemantkumar Desai)|
|DIN No. 01868944||DIN No. 03597515|
Maulin B Acharya , Director
Narendrasinh D Rana , Director
Ashok Kumar Dudi , Director
Dharmesh K Barot , Additional Director
Company Head Office / Quarters:
System Support Services
209 Shivai Indl.Est.,89 Andheri Kurla Rd.,Sakinaka Andheri (E),Mumbai - 400 072