Suryakrupa Finance Ltd

BSE: 511185 | NSE:  | ISIN: INE381N01019 
Market Cap: [Rs.Cr.] 0.46 | Face Value: [Rs.] 10
Industry: Finance & Investments

Director's Report
DIRECTORS

To,

The Members,

SURYAKRUPA FINANCE LIMITED

Your Directors have great pleasure in presenting 27th ANNUAL REPORT alongwith the Audited Balance Sheet and Statement of Profit And Loss, for the year ended 31stMarch, 2014.

1. FINANCIAL RESULTS

The financial Results of the Company are briefly summarized as under:

(Amt. in Rs.)

PARTICULARS

YEAR ENDED

2013-2014 2012-2013
Total Income 3,36,700 1,50,800
Total Expenditure 2,85,703 12,02,502
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 againstLoss of Rs. 10,51,920/- incurred in the previous year. Your Directors expects to achievebetter performance in the future and taking maximum efforts to control the costs andoptimize the results in the coming years.

3. DIVIDEND

During the year under review, owing to the accumulated losses, the Directors do notrecommend any dividend.

4. DEPOSITS

During the year under review, the Company has not invited or accepted any Deposits fromthe public.

5. PARTICULARS OF EMPLOYEES

There were no employees during the whole or part of the year who were in receipt ofremuneration 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 1975as amended.

6. DIRECTORS

In terms of Section 149, 152 and other applicable provisions of the Companies Act, 2013effective from 1st April, 2014 for the purpose of determining the directors areliable to retire by rotation, the Independent Directors shall not included in the totalnos. of the directors of the Company.

Mr. Sureshkumar Bhandari and Mr. Sunilkumar Jain, Directors of the Company, retiring byrotation in terms of provisions of Articles of Association of the Company and are eligiblefor re-appointment. The resolutions for their appointment as Directors and alsoIndependent Directors are proposed in the Notice of Annual General Meeting forconsideration of the members.

Mr. Ashvin Thumar Director of the Company, whose period of office is liable todetermination by retirement of directors by rotation under the erstwhile applicableprovisions of the Companies Act, 1956. In terms of Section 149 and other applicableprovisions of the Companies Act, 2013. Mr. Ashvin Thumar being eligible and offeringhimself for appointment is proposed to be appointed as an Independent Director for oneyear for a term upto the conclusion of the 28th Annual General Meeting of theCompany in the calendar year 2015. Accordingly, resolution proposing appointment ofIndependent Directors form part of the notice of the Annual General Meeting.

7. SUBSIDIARIES:

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 standardshave been followed along with proper explanation relating to material departures;

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 the Company at the end of thefinancial year and the Profit of the Company for that period;

iii. That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provision of this Act for safeguardingthe 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 theCompanies Act, 1956, read with the Companies (Disclosure of Particulars in the Report ofBoard of Directors) Rules, 1988 regarding conservation of energy, technology absorption isnot applicable.

10. FOREIGN EXCHANGE EARNINGS AND OUTGO:

Foreign Exchange Earnings: NIL Foreign Exchange Outgo: NIL

11. AUDITORS

M/s Gupta Saharia & Co., Chartered Accountants an Auditors of the Company haveexpressed their unwillingness to be re-appointed as Statutory Auditors for financial year2014-15 at the ensuing Annual General Meeting .Therefore Board of Directors recommendappointment of M/s. Mukesh M. Shah & Co., Chartered Accountants, as Statutory Auditorsof 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 Meetingtill the conclusion of the next Annual General Meeting of the Company and to fix theirremuneration 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 arequalified for the said appointment.

Necessary resolution for their appointment has been proposed in the Notice of AnnualGeneral 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 separatesection 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 theCompany.

14. LISTING OF SHARES:

The Company's shares are listed on The Bombay Stock Exchange Limited.

15. ACKNOWLDEGEMENTS

Your Directors express their appreciation for the dedicated and sincere servicesrendered by the employees of the Company and also sincerely thanks the shareholders forthe confidence reposed by them in the Company and for the continued support andco-operation extended by them.

By Order Of the Board

SURYAKRUPA FINANCE LIMITED

DATE: 2nd September, 2014
PLACE: Mumbai Sd/- Sd/-
(Ravindra Palkar) (Hemantkumar Desai)
DIRECTOR DIRECTOR
DIN No. 01868944 DIN No. 03597515
   
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Future Data Not present
Key Information

Key Executives:

Maulin B Acharya , Director

Narendrasinh D Rana , Director

Ashok Kumar Dudi , Director


Company Head Office / Quarters:

8A Kapoor Building,
J P Road Andheri(W),
Mumbai,
Maharashtra-400056
Phone : Maharashtra- / Maharashtra-
Fax : Maharashtra- / Maharashtra-
E-mail :
Web :

Registrars:

System Support Services
209 Shivai Indl.Est.,89 Andheri Kurla Rd.,Sakinaka Andheri (E),Mumbai - 400 072

 
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